Nifty and Bank Nifty Support & Resistance Levels for 18 Jan 2024
Nifty and Bank Nifty Support and Resistance Levels Today: Indian stock market indexes opened a gap-down on Thursday amid weak global cues. The Nifty today opened lower at 21414.20, down by 157.75 points, while the Sensex opened a gap-down at 71018.86 levels, down by 481.90 points. The Bank Nifty index made a negative opening of 571.7 points at 45492.75 level.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.10 a.m IST
Today is the Nifty index weekly options expiry. Nifty trimmed most of its early losses and is trading lower by 85 points or 0.40% at 21485 levels. The index made a high of 21488 and a day’s low of 21285.55, with a movement of 202.45 points till now. The Nifty Futures January series is trading at a 19-point premium at 21504 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (18 Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21400 and 21300 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21500 and 21700 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance at 11.15 a.m IST
The Bank Nifty index also pared most of its early losses and currently trading lower by 53 points or 0.12% at 46015 level. The index made a high of 46033.75, while hit a day’s low at 45430.70 so far on the spot price, with a movement of 603.35 points. The Bank Nifty Futures for 25 January expiry is trading at a premium of 136 points at 46151 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (17 Jan) reveals that the Put options 45500 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 46500 and 47000 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, barring PSU Bank all sectoral indices are trading in the red. The sectors that are falling most are Media, Metal, and IT.
The top-gaining stocks in the Nifty 50 index are Tech M, Axis Bank, Sun Pharma, BPCL, and Tata Motors and the top losing stocks are LTIM, Asian Paints, NTPC, HDFC Bank, and Adani Enterprise.
The most active stocks in NSE in terms of value are HDFC Bank, LTIM, and Reliance, and in terms of volume are HDFC Bank, Tata Steel, and Power Grid.
Also, read US Markets: Dow Jones, S&P 500, and Nasdaq Decline Amid Surge in Treasury Yields
Key Factors that are Likely to Impact the Stock Market This Week ( 15-19 Jan)
Happy Investing!
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