Finnifty, Nifty, and Bank Nifty Prediction Today, 16 April 2024
Finnifty, Nifty, and Bank Nifty Prediction Today, 16 April 2024: Indian stock market indexes opened a gap-down on Tuesday, amid geopolitical tension between Israel and Iran and uncertainty about the US rate cuts. The Nifty opened lower at 22125.30, down by 147.2 points, while the Sensex made a gap-down opening of 507.64 points at 72892.14. The Bank Nifty index also opened lower at 336.55 points at 47436.70 levels.
Finnifty, Nifty and Bank Nifty Prediction Today
Nifty Support and Resistance at 10.35 a.m IST
The Nifty index trimmed some early losses and traded lower by 65 points or 0.29% at 22207 levels. The index made a high of 22213.75 and a day’s low of 22103.85, with a movement of 109.9 points till now. The Nifty Futures April series is trading at a 26-point premium at 22233, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 18 April showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22100 and 22000, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22300 and 22400 strike prices, suggesting potential resistance levels for Nifty.
Nifty Prediction today by Prabhudas Lilladher– According to the reputed broking house, Nifty has support at 22100 and 22000 levels and has resistance at 22400 and 22500 levels for the day.
Bank Nifty Support and Resistance at 10.35 a.m IST
The Bank Nifty index also pared some early losses and is trading lower, by 284 points or 0.60% at the 47488 level. The index made a high of 47571.30 while hitting a day’s low at 47316.55, so far on the spot price, with a movement of 254.75 points. The Bank Nifty Futures for April series is trading at a premium of 145 points at 47633 compared to the Bank Nifty spot price.
Today is the Bank Nifty weekly options expiry. The Bank Nifty NSE option chain data for 16 April reveals that the Put options 47000 and 47500 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 47600 and 48000 exhibits notable OI concentrations, signifying potential resistance levels.
Bank Nifty Prediction Today by Prabhudas Lilladher– According to the top broking house, Bank Nifty has support at 47388 and resistance at 48111 for the day.
Finnifty Support and Resistance at 10.45 a.m IST
The Finnifty index opened lower by 149.05 points at 20996.95 on Tuesday. The Nifty Financial Services index is trading lower, by 90 points or 0.43% at 21055 level. The Finnifty index made a high of 21076.65 and hit the day’s low at 20964.10, so far on the spot level.
Today is the Finnifty expiry for weekly options, it has strong resistance at the 21100 and 21200 levels, and breaching the said level could move higher. Whereas, Finnifty option chain data reveals that the Put options 21000 and 20900 hold the most substantial concentration, and could support the day.
Also, read Stock Market Prediction Next Week (15 – 19 April 2024)
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Happy Investing!
Editor’s Desk
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