NIFTY and BANK NIFTY Important Support and Resistance Levels Today
Nifty and Bank Nifty Today, 4 January 2024: Indian stock market indexes opened higher on Thursday, amid negative global cues. The Nifty and Bank Nifty opened higher despite weak cues from US and Asian markets, however, Gift Nifty’s indication was slightly positive in the morning.
The Nifty today opened higher by 88.5 points at the 21605.80 level, while Sensex added 322.93 points and opened at 72351.60. The Bank Nifty index also opened higher by 100.45 points and opened at 47805.40.
Nifty and Bank Nifty Today
Nifty Today, LIVE at 11.50 a.m IST: The nifty index opened higher and trading in fine fettle. Nifty extended some early gains and is trading higher by 125 points or 0.58% at 21643 levels. The index made a high of 21659.35 and a day’s low of 21564.55, with a movement of 94.88 points. The Nifty Futures January series is trading at a 113-points premium at 21756 compared to the Nifty 50 spot price.
The Nifty weekly option chain data (4th Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21600 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21700 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Live Today at 11.55 a.m IST The Bank Nifty index, after opening higher, extended its early gains. Currently, the banknifty index is trading higher by 391 points or 0.82% at 48102 level. The Bank Nifty index made a high of 48181.25 while hit a day’s low at 47738.15, so far on the spot price. The Bank Nifty Futures for 25 January expiry is trading at a premium of 256 points at 48358 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (10 Jan) reveals that the Put options 48000 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 48,500 and 48700 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, barring IT all sectoral indices are trading in the green. The sectors that are leading are Realty, Energy, and PSU Bank.
The top-gaining stocks in the Nifty 50 index are NTPC, Bajaj Finance, Tata Consumer, ONGC, and IndusInd Bank, and the top-losing stocks are BPCL, LTIM, HCL Tech, Dr Reddy and TCS.
The most active stocks in NSE in terms of value are Bajaj Finance, HDFC Bank, and ICICI Bank, and in terms of volume, are NTPC, Tata Steel, and ONGC.
Also, read US Markets: Dow Jones, S&P 500 and Nasdaq Composite Index, 3 Jan 2024
Stock Market Prediction Next Week (1- 5 Jan 2024)
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
