Nifty and Bank Nifty Support and Resistance for 4 March 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock market indexes opened higher on Monday following the positive global cues. The Sensex and Nifty hit fresh new highs and are trading volatile at this moment. Among sectors, Energy, Pharma, and Realty are gaining the most, while Media, IT, and FMCG are falling.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 12.10 p.m IST
Nifty is trading slightly higher by 22 points or 0.09% at 22400 levels. The index made a high of 22440.90 and a day’s low of 22358.30, with a movement of 82.60 points till now. The Nifty Futures February series is trading at a 93-point premium at 22493, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (7 March) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22300 indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22500 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance at 12.10 p.m IST
The Bank Nifty index also pared all gains and currently trading edged up by 4 points or 0.01% at 47300 level. The index made a high of 47520.90, while hit a day’s low at 47191.65 so far on the spot price, with a movement of 329.25 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 207 points at 47507 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (6 March) reveals that the Put options 47000 hold the most substantial concentration. This level will likely serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 47500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
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