Nifty and Bank Nifty Support and Resistance Levels for 16 Jan 2024
Nifty and Bank Nifty Support and Resistance Levels Today: Indian stock market indexes opened on a cautious note on Tuesday amid weak global cues. The Nifty today opened in the red at 22080.50, down by 16.95 points, while the Sensex opened edge higher at 73331.96 levels, up by 4.02 points. The Bank Nifty index made a negative opening of 48.35 points at 48109.95 level.
Nifty and Bank Nifty Support and Resistance
Nifty Today LIVE at 10.50 a.m IST
The Nifty index erased all early losses and is trading higher by 17 points or 0.08% at 22115 levels. The index made a high of 22119.30 and a day’s low of 22029.20, with a movement of 90.1 points till now. The Nifty Futures January series is trading at a 7-point premium at 22122 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 22000 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22200 and 22300 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Live Today at 10.55 a.m IST
The Bank Nifty index also pared all early losses and currently trading higher by 119 points or 0.28% at 48277 level. The index made a high of 48290.35, while hit a day’s low at 48031.20 so far on the spot price, with a movement of 259.15 points. The Bank Nifty Futures for 25 January expiry is trading at a premium of 113 points at 48390 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (17 Jan) reveals that the Put options 48000 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 48,500 and 48700 exhibit notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, Media, PSU Bank, and Metal are the top gaining sectors, while the top losing sectors are IT, Realty, and Pharma.
The top-gaining stocks in the Nifty 50 index are Titan, Bajaj Finance, BPCL, ONGC, and Hero Motors and the top losing stocks are HCL Tech, Wipro, Divis Lab, TechM, and LTIM.
The most active stocks in NSE in terms of value are HDFC Bank, ONGC, and Tata Motors, and in terms of volume are ONGC, Tata Steel, and Wipro
Also, read Trade Setup for Tuesday: Stock Market Today (16 Jan 2024)
Key Factors that are Likely to Impact the Stock Market This Week ( 15-19 Jan)
Happy Investing!
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