Budget 2024: Nifty and Bank Nifty Live Today, Support and Resistance
Nifty & Bank Nifty Live Today at 12.30 p.m: Support & Resistance
Nifty and Bank Nifty are trading volatile after the Interim Budget 2024 presentation by Finance Minister Nirmala Sithraman. Nifty is trading near the flat line at 21724, while Bank Nifty is trading 13 points higher at 46017
Today is the Nifty index option’s weekly expiry on the NSE. The Nifty weekly option chain data (1 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21700 and 21500 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21800 strike prices, suggesting potential resistance levels for Nifty.
The Bank Nifty weekly option chain data (7 Feb) reveals that the Put options 45800 and 45500 hold the most substantial concentration. This level is likely to 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.
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Budget 2024: Nifty and Bank Nifty Live Today: Indian stock market indexes opened higher on Thursday ahead of the Budget 2024 despite weakness in the global markets. The global market sentiments are subdued as the US Fed kept the interest rates unchanged but poured cold water on the hopes of early interest rate cuts.
The Nifty today opened higher at 21780.65, up by 54.95 points, while the Sensex made a positive opening of 246.67 points at 71998.78 levels. The Bank Nifty index also opened higher by 168.10 points at 46164.90 levels.
Nifty & Bank Nifty Live Today at 10.10 a.m. IST
Nifty index is trading higher by 54 points or 0.25% at 21784 levels. The index made a high of 21796.20 and a day’s low of 21694.60, with a movement of 101.6 points till now. The Nifty Futures February series is trading at a 101-point premium at 21885 in comparison to the Nifty 50 spot price.
The Bank Nifty index pared early gains and currently trading lower by 60 points or 0.12% at 45945 level. The Bank Nifty index made a high of 46173.30, while hit a day’s low at 45702.40 so far on the spot price, with a movement of 470.9 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 197 points at 46142 compared to the Bank Nifty spot price.
Stock Market Updates Today
Among the sectors, Auto Energy, and FMCG sectors are trading as the top gainers, while Metal, Financial Services, and Bank are trading as the top losers.
The top-gaining stocks in the Nifty 50 index are Power Grid, Maruti, Eicher Motors, M&M, and Cipla, and the top losing stocks are Grasim, LTIM, Bajaj Finance, ONGC, and JSW Steel.
The most active stocks in NSE in terms of value are Maruti, HDFC Bank, and Tata Motors, and in terms of volume are Power Grid, Tata Steel, and ONGC.
Also, read – US Markets on 31 Jan: Fed Chair Powell’s Remarks Ignite Tech-Led Selloff
Stock Market Prediction Next Week (29 Jan -2 Feb 2024)
Happy Investing!
Editor’s Desk
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