NIFTY and BANK NIFTY Support and Resistance Levels for 7 February 2024
Nifty and Bank Nifty Support and Resistance for 7 Feb 2024: Indian stock market indexes erased their early gains and are trading in the red. Sensex and Nifty are trading below their neutral lines, while Bank Nifty is trading slightly lower at 11.55 am IST. On the global front Asian markets are mostly in the green today.
Nifty and Bank Nifty Support and Resistance Levels Today
Nifty Support and Resistance at 11.45 a.m IST
The Nifty index pared early gains and is trading lower by 44 points or 0.19% at 21886 levels. The index made a high of 22053.30 and a day’s low of 21867.65, with a movement of 186 points till now. The Nifty Futures January series is trading at a 56-point premium at 21942 in comparison to the Nifty 50 spot price.
Today is the Nifty index option’s weekly expiry on the NSE. The Nifty weekly option chain data (8 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21800 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22000 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance at 11.45 a.m IST
The Bank Nifty index also pared early gains and currently trading lower by 17 points or 0.03% at 45683 level. The index made a high of 46062.85, while hit a day’s low at 45620.50 so far on the spot price, with a movement of 442.35 points. The Bank Nifty Futures for the 25 February expiry is trading at a premium of 280 points at 45963 compared to the Bank Nifty spot price.
Today is Bank Nifty’s weekly index options expiry. The Bank Nifty weekly option chain data (7 Feb) reveals that the Put options 45500 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 46000 and 46100 exhibits notable OI concentrations, signifying potential resistance levels for the day.
Also, read Stock Market Prediction Next Week (5 – 9 Feb 2024) – Analysing the Trend
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