Nifty and Bank Nifty Support and Resistance for 31 January 2024
Nifty and Bank Nifty Support and Resistance for 31 January 2024: Indian stock market indexes opened marginally lower tracking negative cues from Wall Street and Asian market peers.
The Nifty today opened lower at 21487.25, down by 34.85 points, while the Sensex made a negative opening of 66.86 points at 71073.04 levels. The Bank Nifty index opened lower by 72.1 points at 45295.65 levels.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance Today at 11.25 a.m IST
The Nifty index extended intraday gains and is trading on a strong note, the Nifty is currently up by 126 points or 0.59% at 21648 levels. The index made a high of 21674.15 and a day’s low of 21448.84, with a movement of 225.31 points till now. The Nifty Futures February series is trading at a 127-point premium at 21775 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (1 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21600 and 21500 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21700 and 21800 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance Today at 11.30 a.m IST
The Bank Nifty index erased early losses and bounced back, the index is trading volatile and is higher by 703 points or 1.54% at 46075 level. The index made a high of 46132.20, while hit a day’s low at 45071.20 so far on the spot price, with a movement of 1061 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 298 points at 46373 compared to the Bank Nifty spot price.
Today is Bank Nifty’s weekly index options expiry. The Bank Nifty weekly option chain data (31 Jan) reveals that the Put options 46000 and 45800 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 46,200 and 46500 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, barring FMCG all sectoral indices are trading in the green. The sectors that are leading are Pharma, Bank, and Financial Services.
The top-gaining stocks in the Nifty 50 index are Dr. Reddy, Axis Bank, Tata Motors, Divis Lab, and Sun Pharma and the top losing stocks are L&T, Titan, ONGC, Britannia, and Tata Consumer.
The most active stocks in NSE in terms of value are HDFC Bank, L&T, and Tata Motors, and in terms of volume are Power Grid, Tata Motors, and HDFC Bank.
Also, read Nifty and Bank Nifty Prediction for Tomorrow, 31 January 2024
Analysing Vodafone Idea Q3 Result and Share Price, 29 January 2024
Happy Investing!
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