Nifty and Bank Nifty Support and Resistance Today 28 Feb 2024
Nifty and Bank Nifty Support and Resistance: Indian stock market indexes erased all early gains and are trading sharply lower. Among the sectors, barring IT, all other sectoral indices are trading in the red, with media, realty, and energy falling the most. Bank Nifty also gave up early gains and trading lower by almost 1%.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.35 a.m IST
The Nifty index erased early gains and is trading lower, by 141 points or 0.64% at 22061 levels. The index made a high of 22229.15 and a day’s low of 22021.15, with a movement of 208 points till now. The Nifty Futures February series is trading at a 10-point discount at 22051 in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (29 Feb) 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 22200 strike price, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support near 22035 levels, while the index has resistance at 22249 for the day.
Bank Nifty Support and Resistance at 11.45 a.m IST
The Bank Nifty index also pared all early gains and is currently trading lower by 332 points or 0.71% at the 46222 level. The index made a high of 46754.55, while hit a day’s low at 46040.30 so far on the spot price, with a movement of 714.25 points. The Bank Nifty Futures for the 29 February expiry is trading almost at the same level of 46220 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (29 Feb) reveals that the Put options 46000 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 and 46600 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46148 levels, while it has resistance at 46765 and 46942 for the day.
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