Nifty and Bank Nifty Support and Resistance Today – 21 Feb 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock markets trimmed their early gains and trading slightly higher. The Indian equity benchmarks are trading highly volatile at this moment. The Realty, PSU Bank, and Metal sectors are trading higher, while Media, IT, and Financial services are in red.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.50 a.m IST
The Nifty index trimmed some early gains and is trading higher by 13 points or 0.05% at 22206 levels. The index made a high of 22249.40 and a day’s low of 22160.80, with a movement of 88.6 points till now. The Nifty Futures February series is trading at a 33-point premium at 22239, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (22 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22100 indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22300 strike price, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has got support at 22090 and has resistance at 22260- 22323, with a Stop Loss of 22000
Bank Nifty Support and Resistance at 11.57 a.m IST
The Bank Nifty index also pared early gains and currently trading higher by 40 points or 0.09% at 47138 level. The index made a high of 47363.40, while hit a day’s low at 46925.05 so far on the spot price, with a movement of 438.35 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 10 points at 47148 compared to the Bank Nifty spot price.
The Bank Nifty has weekly index options expiring today. The Bank Nifty option chain data (21 Feb) 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 47500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to the researched-based broking house Prabhudas Lilladher, Bank Nifty has support at 46596 and resistance at 47365- 47635.
Also, read Sensex, Nifty, and Beyond Unpacking the Morning Market Movements
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Happy Investing!
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