Nifty, Bank Nifty Support and Resistance for Special Trading Session on 20 Jan 2024
Nifty and Bank Nifty Support and Resistance: Indian stock market indexes opened higher on Saturday – the special trading session, amid positive global cues. The Nifty index opened higher at 21706.15, up by 83.75 points, while the Sensex made a gap-up opening of 325.07 points at 72008.30 levels. The Bank Nifty index also opened higher at 288.1 points at 45898.25 level.
Nifty and Bank Nifty Support and Resistance
Nifty Live at 12.05 p.m. IST
The Nifty index trimmed some early gains and is trading higher by 27 points or 0.13% at 21649 levels. The index made a high of 21720.30 and a day’s low of 21604.30, with a movement of 116 points till now. The Nifty Futures January series is trading at a 37-point premium at 21686 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (25 Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21600 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21700 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Live at 12 p.m. IST
The Bank Nifty index trimmed some early gains and currently trading higher by 215 points or 0.47% at the 45916 level. The index made a high of 46069, while hit a day’s low at 45749.05 so far on the spot price, with a movement of 319.95 points. The Bank Nifty Futures for 25 January expiry is trading at a premium of 33 points at 45949 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (25 Jan) 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, Bank Nifty Call strikes at 46000 and 46200 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, Media, Energy, and Financial Services are trading as top gainers, while Realty, FMCG, and Pharma sectors are trading as top losers.
The top-gaining stocks in the Nifty 50 index are Coal India, Power Grid, Apollo Hospital, Hindalco, and NTPC and the top losing stocks are HUL, IndusInd bank, Nestle, TCS, and M&M.
The most active stocks in NSE in terms of value are HDFC Bank, Reliance, and Coal India, and in terms of volume are Coal India, ONGC, and Tata Steel.
Also, read Indian Stock Market Weekly Roundup (15 – 19 Jan): Rise and Fall of Stocks.
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Happy Investing!
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