Nifty and Bank Nifty Support and Resistance for 1 March 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock market indexes opened higher on Friday due to solid Indian GDP data and positive global cues. The domestic equity indices are trading on a strong note on the back of buying in Metal, Energy, and Banking stocks, while some selling pressure is witnessed in Media and Pharma stocks.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.30 a.m IST
The Nifty index extended its early gains and is trading higher by 256 points or 1.16% at 22239 levels. The index made a high of 22241.60 and a day’s low of 22047.75, with a movement of 193.85 points till now. The Nifty Futures March series is trading at a 116-points premium at 22355, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (7 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, significant Open Interest concentrations are identified at the 22300 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21875 levels while it has resistance at 22300 for the day.
Bank Nifty Support and Resistance at 11.35 a.m IST
The Bank Nifty index also extended its early gains and currently trading higher by 726 points or 1.57% at the 46846 level. The index made a high of 46883.75, while hit a day’s low at 46218 so far on the spot price, with a movement of 665.75 points. The Bank Nifty Futures for 29 March expiry is trading at a premium of 312 points at 47158 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (6 March) reveals that the Put options 46600 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 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 45745 levels while it has resistance at 46800 for the day.
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