Finnifty, Nifty, and Bank Nifty Support & Resistance Levels for 23 Jan 2024
Finnifty, Nifty, and Bank Nifty Support and Resistance: Indian stock market indexes opened a gap-up on Tuesday amid positive global cues. The Nifty today opened higher at 21716.70, up by 144.9 points, while the Sensex made a gap-up opening of 444.56 points at 71868.21 levels. The Bank Nifty index also opened higher at 437.25 points at 4649545 level. The Nifty financial index (Finnifty) made a positive opening of 193.45 points at the 20735.50 level.
Finnifty, Nifty, and Bank Nifty Support and Resistance
Nifty Live at 11.15 a.m IST
Nifty erased early gains and is trading lower by 17 points or 0.08% at 21554 levels. The index made a high of 21750.25 and a day’s low of 21519.90, with a movement of 230.35 points till now. The Nifty Futures January series is trading at a 16-point premium at 21572 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (25 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.
Bank Nifty Live at 11.25 a.m IST
The Bank Nifty index pared early gains and currently trading sharply lower by 357 points or 0.79% at the 45650 level. The index made a high of 46580.30, while hit a day’s low at 45645.30 so far on the spot price, with a movement of 935 points. The Bank Nifty Futures for 25 January expiry is trading at an equal price compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (25 Jan) reveals that the Put options 45500 and 45000 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 46000 and 46200 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Finnifty live Today at 11.30 a.m IST
The Finnifty index also erased all gains after opening higher on Tuesday. Currently, the Finnifty index is trading lower by 107 points or 0.52% at 20434 level. The Finnifty index made a high of 20771.85 and hit the day’s low at 20386.45 so far on the spot level.
Today is the Finnifty expiry for weekly options, it has strong resistance at the 20600- 20700 level, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20300 and 20200 hold the most substantial concentration, and could act as the support for the day.
Stock Market Updates Today
Among the sectors, Nifty Pharma, IT, and Auto sectors are trading higher while Media, Realty, and PSU Banks are dragging down the markets.
The top-gaining stocks in the Nifty 50 index are Cipla, Sun Pharma, Bharti Airtel, Power Grid, and ICICI Bank and the top losing stocks are HDFC Bank, Britannia, Coal India, Asian Paints, and ONGC.
The most active stocks in NSE in terms of value are HDFC Bank, ICICI Bank, and Bharti Airtel, and in terms of volume are HDFC Bank, ICICI Bank, and Power Grid.
Also, read Stock Market Prediction Next Week (22- 26 Jan 2024)
FINNIFTY Weightage | All About Nifty Financial Services Index
Happy Investing!
Editor’s Desk
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