Nifty and Bank Nifty Support and Resistance Today – 22 Feb 2024
Nifty and Bank Nifty Support and Resistance Today: Indian stock market indexes opened higher following positive cues from Asian markets on Thursday. The domestic markets erased all gains soon after opening and fell sharply on the back of selling in banking and financial stocks.
Nifty and Bank Nifty Support and Resistance Today
Nifty Support and Resistance at 11.55 a.m IST
The Nifty index trimmed some intraday losses and is trading lower by 91 points or 0.41% at 21964 levels. The index made a high of 22094.30 and a day’s low of 21875.25, with a movement of 219.05 points till now. The Nifty Futures February series is trading at a 58-point premium at 22024, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (22 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 21900 and 21800, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22000 followed by 22100 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21849 levels while it has resistance at 22204 for the day.
Bank Nifty Support and Resistance at 12 p.m. IST
The Bank Nifty index extended early losses and currently trading lower by 465 points or 0.98% at the 46557 level. The index made a high of 47024.05, while hit a day’s low at 46426.85 so far on the spot price, with a movement of 597.2 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 123 points at 46680 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 47000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
Also, read Market Live: Sensex & Nifty are in Red, Tracking Market Performance Amidst Volatility
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Happy Investing!
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