FINNIFTY, BANK NIFTY and NIFTY Support and Resistance Today, 26 March 2024
FINNIFTY, BANKNIFTY, and NIFTY Support and Resistance Today, 26 March 2024: Indian stock market indexes opened lower on Tuesday, following negative cues from Wall Street overnight. The Nifty today opened lower at 21947.90, down by 148.85 points, while the Sensex opened a gap-down of 434.97 points at 72396.97 levels. The Bank Nifty index opened sharply lower by 310.8 points at 46634.90 levels.
FinNifty, Bank Nifty, & Nifty Support and Resistance Today
Nifty Support and Resistance at 11.15 a.m IST
The Nifty index trimmed some early losses and traded lower by 66 points or 0.29% at 22031 levels. The index made a high of 22073.20 and a day’s low of 21947.55, with a movement of 125.65 points till now. The Nifty Futures March series is trading at a 70-point premium at 22101, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 28 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22000 and 21900, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22100 and 22200 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21926 and 21756 levels and has resistance at 22224 and 22351 for the day.
Bank Nifty Support and Resistance at 11.15 a.m IST
The Bank Nifty index is trading lower, by 232.65 points or 0.50% at the 46631 level. The index made a high of 46788.35, while hit a day’s low at 46552.95 so far on the spot price, with a movement of 235.4 points. The Bank Nifty Futures for March series is trading at a premium of 120 points at 46751 compared to the Bank Nifty spot price.
The NSE weekly option chain data for 27 March reveals that the Put options 46500 and 46000 hold the most substantial concentration. This level will likely serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 47000 and 47200 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46394 and resistance at 47036 and 47209 for the day.
FinNifty Support and Resistance at 11.20 a.m IST
The FinNifty index opened lower by 153.95 points at 20629.60 on Tuesday. The FinNifty index is trading lower, by 57 points or 0.28% at the 20726 level. The FinNifty index made a high of 20769.35 and hit the day’s low at 20629.25 so far on the spot level.
Today is the FinNifty expiry for weekly options, it has strong resistance at the 20750 and 20800 levels, and breaching this level could move higher. Whereas, FinNifty option chain data reveals that the Put options 20700 and 20600 hold the most substantial concentration, and could support the day.
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