Nifty and Bank Nifty Support and Resistance Today, 27 March 2024
Nifty and Bank Nifty Support and Resistance Today, 27 March 2024: Indian stock market indexes opened higher on Wednesday, following positive cues from Asian Markets. The Nifty today opened higher at 22053.95, up by 49.25 points, while the Sensex added 221.86 points at 72692.16 levels. The Bank Nifty index also opened marginally higher by 43.25 points at 46643.45 levels.
Nifty and Bank Nifty Support and Resistance Today
Nifty Support and Resistance at 10.30 a.m IST
The Nifty index extended early gains and is trading higher, by 140 points or 0.65% at 22147 levels. The index made a high of 22161.15 and a day’s low of 22052.85, with a movement of 108.3 points till now. The Nifty Futures March series is trading at a 43-point premium at 22190, compared to the Nifty 50 spot price.
Today is the Nifty index weekly options expiry, 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, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22200 and 22300 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21944 levels and has resistance at 22134 and 22200 for the day.
Bank Nifty Support and Resistance at 10.35 a.m IST
The Bank Nifty index also extended its early gains and is trading higher, by 257 points or 0.55% at the 46857 level. The index made a high of 46930.40, while hit a day’s low at 46643.45 so far on the spot price, with a movement of 286.95 points. The Bank Nifty Futures for the March series is trading at a premium of 41 points at 46898 compared to the Bank Nifty spot price.
Today is Bank Nifty F&O expiry, the NSE option chain data for 27 March reveals that the Put options 46700 and 46500 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 47500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46490 and resistance at 46898 and 47300 for the day.
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