Nifty and Bank Nifty Support and Resistance Today for 11 Jan 2024

 

Nifty and Bank Nifty Support and Resistance Today for 11 January 2024: Indian stock market indexes opened higher on Thursday, following positive global cues. The Nifty today opened higher by 69.3 points at the 21688 level, while Sensex made a gap-up opening of 250.04 points at 71907.75. The Bank Nifty index made a higher opening of 177.75 points at 47538.60 level.

 

Nifty and Bank Nifty Support and Resistance Today

Nifty Support and Resistance Today, LIVE at 11 a.m IST

 

Today is the weekly expiry of Nifty options. Nifty trimmed some intraday gains and is trading higher by 39 points or 0.18% at 21658 levels. The index made a high of 21726.50 and a day’s low of 21630.40, with a movement of 96.1 points till now. The Nifty Futures January series is trading at a 33-point premium at 21691 in comparison to the Nifty 50 spot price.

The Nifty weekly option chain data (11 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 and 21750 strike prices, suggesting potential resistance levels for Nifty. 

 

Bank Nifty Support and Resistance Today, Live at 11 a.m IST

 

The Bank Nifty index also trimmed some intraday gains after opening a gap-up. Currently, the Banknifty index is trading higher by 108 points or 0.24% at 47475 level. The Bank Nifty index made a high of 47662.10, while hit a day’s low at 47408.70 so far on the spot price, with a movement of 253.4 points. The Bank Nifty Futures for 25 January expiry is trading at a premium of 166 points at 47641 compared to the Bank Nifty spot price.

The Bank Nifty weekly option chain data (17 Jan) reveals that the Put options 47000 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 47600 and 47700 exhibit notable OI concentrations, signifying potential resistance levels for the day.

 

Stock Market Updates Today

 

Among the sectors, barring Realty all sectoral indices are trading in the green. The sectors that are leading are Auto, Energy, and PSU Bank

The top-gaining stocks in the Nifty 50 index are Hero Motors, Bajaj Auto, IndusInd Bank, Coal India, and BPCL, and the top losing stocks are Dr. Reddy, Infy, Adani Ports, Grasim, and Nestle.

The most active stocks in NSE in terms of value are Reliance, HDFC Bank, and Infy, and in terms of volume are Power Grid, Tata Steel, and ONGC.

 

Also, read  2 Best Shares to Buy Today: Top Investment Opportunities in 2024

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Happy Investing!

Editor’s Desk

 

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