Nifty and Bank Nifty Support and Resistance Today – 29 Dec 2023

 

Nifty and Bank Nifty Support and Resistance Today, 29 December 2023: Indian stock market indexes opened lower on Friday, the last trading session of the year 2023, amid mixed global cues. 

The Nifty today opened lower by 41.05 points at the 21737.65 level, while Sensex made a negative opening of 58.79 at the 72351.60 level. The Bank Nifty index also fell 133.7 points and opened at 48374.85.

 

Nifty Today, LIVE at 10.35 a.m IST

 

Nifty index opened lower and is trading sideways negative, down by 54 points or 0.25% at 21721 on the spot level. The index made a day high at 21770.30 and a low at 21680.10, with a movement of 90.2 points so far. The Nifty Futures for the 25 Jan Series are trading at a 173-point premium at 21894 compared to the Nifty 50 spot price.

 

Nifty Support and Resistance Today

 

The Nifty weekly option chain data (4th Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21700 and 21500 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21800 and 22000 strike prices, suggesting potential resistance levels for Nifty. 

 

Bank Nifty Live Today at 10.40 a.m IST

 

The Bank Nifty index, after opening lower, extended its early losses. Currently, the Bank Nifty index is trading lower by 280 points or 0.57% at 48223 level. The Bank Nifty made a high of 48477.70 and hit the day’s low at 48195.85 so far on the spot level. The 25 January Bank Nifty futures are currently trading at a premium of 335 points at 48565 compared to the Bank Nifty spot.

 

Bank Nifty Support and Resistance Today

 

The Bank Nifty weekly option chain data (3rd Jan) reveals that the Put options 48000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, Bank Nifty Call strikes at 48,400 and 48500 exhibit notable OI concentrations, signifying potential resistance levels for the day.

 

Market Updates Today

 

Among the sectors, FMCG, Auto, and Media sectors are trading higher, while Energy, Banking, and Financial Services are trading lower.

The top-gaining stocks in the Nifty 50 index are Tata Consumer, Tata Motors, Adani Ports, HUL, and Wipro, and the top-losing stocks are BPCL, NTPC, SBI, ONGC, and Coal India.

The most active stocks in NSE in terms of value are Tata Motors, HDFC Bank, and Axis Bank, and in terms of volume are Tata Motors, Tata Steel, and BPCL.

 

Also, read  Nifty and Bank Nifty Prediction for the Final Trading Session of 2023 (29 Dec)

                     Stock Market Prediction Next Week (13 – 17 Nov 2023)                  

 

Happy Investing!

Editor’s Desk

 

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