Nifty and Bank Nifty Support and Resistance for 13 March 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock market indexes opened higher on Wednesday following the positive global cues and traded volatile. Among the sectors, barring FMCG all other sectoral indices are trading in the red with Media, Energy, and Metal falling the most.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.35 a.m IST
The Nifty index pared early gains and traded lower by 172 points or 0.77% at 22161 levels. The index made a high of 22446.75 and a day’s low of 22143.75, with a movement of 303 points till now. The Nifty Futures March series is trading at a 119-points premium at 22280, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 14 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22000, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22400 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 22152 levels and has resistance at 22440 and 22545 for the day.
Bank Nifty Support and Resistance at 11.40 a.m IST
The Bank Nifty index also erased all early gains and traded lower by 180 points or 0.39% at the 47108 levels. The index made a high of 47468.70, while hit a day’s low at 47029.30 so far on the spot price, with a movement of 439.4 points. The Bank Nifty Futures for March expiry is trading at a premium of 214 points at 47322 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data for 13 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 48000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46840 and 46398 levels and has resistance at 47769 and 48255 for the day.
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