Nifty, Bank Nifty, and Finnifty Support and Resistance for 6 Feb 2024
Nifty, Bank Nifty, and Finnifty Support and Resistance for 6 Feb 2024: Indian stock market indexes are trading in fine fettle on Tuesday, as most of the Asian markets erased early losses and rebounded. Hang Seng and Shanghai are gaining the most in the region as China took measures to arrest a recent selloff in its equities.
Nifty, Bank Nifty, and Finnifty Support and Resistance
Nifty Support and Resistance at 11.40 a.m IST
The Nifty index extended its early gains and is trading higher by 110 points or 0.51% at 21883 levels. The index made a high of 21899.55 and a day’s low of 21737.55, with a movement of 162 points till now. The Nifty Futures February series is trading at a 71-point premium at 21954 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (8 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21800 and 21700 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21900 and 22000 strike prices, suggesting potential resistance levels for Nifty.
The reputed brokerage house Prabhudas Lilladher has suggested to buy Nifty on declines till 21750/21670 for the target of 21880/21950 with an SL of 21620
Bank Nifty Support and Resistance at 11.45 a.m IST
The Bank Nifty index erased early gains and currently trading lower by 104 points or 0.23% at the 45718 level. The index made a high of 45932.15, while hit a day’s low at 45527 so far on the spot price, with a movement of 405.15 points. The Bank Nifty Futures for the 25 February expiry is trading at a premium of 253 points at 45980 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (7 Feb) 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, the Bank Nifty Call strike at 46000 and 46500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, one can buy Bank Nifty on declines till 45800/45600 zones, for the target of 46150/46460, with an SL of 45400
Finnifty Support and Resistance at 11.45 a.m IST
Today is the Finnifty weekly index options expiry. The Finnifty index erased intraday losses and currently trading slightly higher by 35 points or 0.17% at the 20351 level. The Finnifty index made a high of 20377.05 and hit the day’s low at 20240.55 so far on the spot level.
Today is the Finnifty expiry for weekly options, it has strong resistance at the 20400- 20500 level, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20300 and 20200 hold the most substantial concentration, and could act as the support for the day.
Also, read Stock Market Prediction Next Week (5 – 9 Feb 2024) – Analysing the Trend
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Happy Investing!
Editor’s Desk
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