Nifty and Bank Nifty Support & Resistance Levels Today – 10 Jan 2024
Nifty and Bank Nifty Support and Resistance Level Today – 10 January 2024: Indian stock market indexes opened marginally lower on Wednesday, following negative global cues, and are trading volatile.
The Nifty today opened lower by 15.55 points at the 21529.30 level, while Sensex made a slightly negative opening of 3 points at 71383.21. The Bank Nifty index made a gap-down opening of 168.8 points at 47073.85 level.
Nifty and Bank Nifty Support and Resistance Level Today
Nifty Live at 10.30 a.m. IST- Support & Resistance Today
Nifty index is trading slightly down by 10 points or 0.05% at 21533 levels. The index made a high of 21573.90 and a day’s low of 21448.65, with a movement of 125.25 points till now. The Nifty Futures January series is trading at a 45-point premium at 21578 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (11 Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21500 and 21400 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21600 and 21700 strike prices, suggesting potential resistance levels for Nifty.
Nifty Live at 10.30 a.m. IST- Support & Resistance Today
The Bank Nifty index after opening a gap-down erased all early losses. Currently, the Banknifty index is trading slightly higher by 70 points or 0.15% at 47315 level. The index made a high of 47386.45, while hit a day’s low at 47010.80 so far on the spot price, with a movement of 375.65 points. The Bank Nifty Futures for 25 January expiry is trading at a premium of 193 points at 47508 compared to the Bank Nifty spot price.
Today is Bank Nifty expiry for the weekly options. The Bank Nifty weekly option chain data (10 Jan) reveals that the Put options 47200 and 47000 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 47,500 and 47800 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, Media, IT, and Banks are trading as the top gainers while Realty, Auto and Energy sectors are down at this moment.
The top-gaining stocks in the Nifty 50 index are SBI Life, Cipla, Adani Enterprise, HCL Tech, and HDFC Life and the top losing stocks are BPCL, NTPC, ONGC, Eicher Motors, and Coal India.
The most active stocks in NSE in terms of value are Kotak Bank, HDFC Bank, and Adani Ports, and in terms of volume are ONGC, Tata Steel, and Power Grid.
Also, read 2 Best Shares to Buy Today: Top Investment Opportunities in 2024
Stock Market Prediction Next Week (8- 12 Jan 2024)
Happy Investing!
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