Fin Nifty, Bank Nifty, and Nifty Support and Resistance Today, 12 March 2024

 

Fin Nifty, Bank Nifty, and Nifty Support and Resistance: The Indian stock market indexes opened flat to a positive note on Tuesday amid mixed global cues. Barring IT and Fin Services all other sectoral indices are trading in the red. Banking stocks are trading highly volatile today.

 

Fin Nifty, Bank Nifty, and Nifty Support and Resistance 

 

Nifty Support and Resistance at 11.40 a.m IST

 

The Nifty index erased all early gains and traded flat at 22332 levels. The index made a high of 22452.55 and a day’s low of 22,256, with a movement of 196.55 points till now. The Nifty Futures March series is trading at a 113-points premium at 22445, compared to the Nifty 50 spot price.

The NSE weekly option chain data for 14 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22300, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22500 strike prices, suggesting potential resistance levels for Nifty. 

According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 22251 and 22169 levels while it has resistance at 22470 and 22608 for the day.

 

Bank Nifty Support and Resistance at 11.50 a.m IST

 

The Bank Nifty index also pared all intraday gains and traded lower by 56 points or 0.11% at 47285 level. The index made a high of 47812.75 while hitting a day’s low at 46884.45 so far on the spot price, with a movement of 928.3 points. The Bank Nifty Futures for March series is trading at a premium of 175 points at 47460 compared to the Bank Nifty spot price.

The Bank Nifty weekly option chain data for 13 March 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 48000 exhibits notable OI concentrations, signifying potential resistance levels for the day.

According to Prabhudas Lilladher, Bank Nifty has support at 46848 levels and has resistance at 47471 and 47711 for the day.

 

Fin Nifty Support and Resistance at 11.55 a.m IST

 

The Finnifty index opened flat on a positive note today and traded highly volatile on Monday. Currently, the Finnifty index is down by 8 points or 0.04% at 20854 level. The Finnifty index made a high of 21069.85 and hit the day’s low at 20647.85 so far on the spot level. 

Today is the Finnifty expiry for weekly options, it has strong resistance at the 21000 and 21100 levels, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20700 and 20600 hold the most substantial concentration, and could support the day.

 

Also, read  Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स

               Options Trading Books: Your Ultimate 2023 Guide to Winning Big

 

Happy Investing!

Editor’s Desk

 

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