Finnifty, Nifty, and Bank Nifty Support and Resistance Today 27 Feb 2024
Finnifty, Nifty, and Bank Nifty Support and Resistance: Indian stock market indexes erased early losses and are trading marginally higher. The beaten-down stocks in Realty and IT sectors are gaining the most while Bank and Financial Services are declining.
Finnifty, Nifty, & Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.15 a.m IST
Nifty pared early losses and is trading slightly higher by 27 points or 0.12% at 22149 levels. The index made a high of 22158.65 and a day’s low of 22085.65, with a movement of 73 points till now. The Nifty Futures February series is trading at the same level 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 22100 indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22200 and 22300 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 22064 levels while it has resistance at 22191 and 22260 for the day
Bank Nifty Support and Resistance at 11.20 a.m IST
The Bank Nifty index is currently trading lower by 147 points or 0.31% at 46429 level. The index made a high of 46604.10, while hit a day’s low at 46324.90 so far on the spot price, with a movement of 279.2 points. The Bank Nifty Futures for the 29 February expiry is trading at the same level as 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 46600 and 47000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46281 levels while it has resistance at 46809 for the day.
Finnifty Support and Resistance at 11.25 a.m IST
The Finnifty index opened lower by 54.85 points at 20564.85 levels on Tuesday. Currently, the Finnifty index is trading lower by 23 points or 0.12% at 20595 level. The Finnifty index made a high of 20625.45 and hit the day’s low at 20527.95 level so far.
Today is the Finnifty expiry for weekly options, it has strong resistance at the 20600 and 20700 levels, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20500 and 20450 hold the most substantial concentration, and could act as the support for the day.
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Happy Investing!
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