Nifty and Bank Nifty Support and Resistance Today, 20 March 2024
Nifty and Bank Nifty Support and Resistance Today, 20 March 2024: The Indian stock market indexes opened higher on Wednesday following the positive global cues and soon erased all gains. The domestic markets traded sharply lower in the morning deals and later recovered. Among the sectors, Energy, Auto, and IT are gaining the most, while Metal, PSU Bank, and Financial Services are dragging the markets.
Nifty & Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.55 a.m IST
The Nifty erased intraday losses and traded higher by 42 points or 0.20% at 21860 levels. The index made a high of 21891.70 and a day’s low of 21710.20, with a movement of 181.5 points till now. The Nifty Futures March series is trading at a 72-point premium at 21932, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 21 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 21700 and 21500, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 21900 and 22000 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21678 levels and has resistance at 21933 and 22048 for the day.
Bank Nifty Support and Resistance at 11.55 a.m IST
The Bank Nifty index traded highly volatile in the morning deals and trades lower by 118 points or 0.26% at 46268 level. The index made a high of 46570.25, while hit a day’s low at 45828.80 so far on the spot price, with a movement of 741.45 points. The Bank Nifty Futures for March series is trading at a premium of 137 points at 46405 compared to the Bank Nifty spot price.
Today is Bank Nifty’s weekly options expiry, the NSE weekly option chain data for 20 March reveals that the Put options 46000 and 45800 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 46500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46072 and 45729 and resistance at 46578 and 46759 for the day.
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