Finnifty, Nifty, and Bank Nifty Support and Resistance for 13 Feb 2024
Finnifty, Nifty, and Bank Nifty Support and Resistance Today: Indian stock market indexes extended their early gains after initial volatility and are trading higher by about half a percent. The domestic markets are trading higher on the back of buying in banking and financial stocks. The Nifty mid and small-cap indexes trimmed their early losses and are trading mixed.
Finnifty, Nifty, and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.30 a.m IST
The Nifty index trimmed some intraday gains and is trading higher by 95 points or 0.45% at 21714 levels. The index made a high of 21766.80 and a day’s low of 21543.35, with a movement of 223.45 points till now. The Nifty Futures February series is trading at a 63-point premium at 21777, in comparison to the Nifty 50 spot price.
Today is the Nifty index option’s weekly expiry on the NSE. The Nifty weekly option chain data (15 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21500 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21800 followed by 21900 strike prices, suggesting potential resistance levels for Nifty.
According to the top Research-based Broking house, Nifty has support at 21517- 21417, while it has resistance at 21774- 21931
Bank Nifty Support and Resistance at 11.30 a.m IST
The Bank Nifty index also pared some intraday gains and currently trading higher by 395 points or 0.88% at 45277 level. The index made a high of 45461.95, while hit a day’s low at 44819.55 so far on the spot price, with a movement of 642.4 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 173 points at 45450 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (14 Feb) reveals that the Put options 45000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 45500 followed by 45600 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to the top Research-based Broking house, Bank Nifty has support at 44428 while it has resistance at 45543.
Finnifty Support and Resistance at 11.40 a.m IST
The Finnifty index also trimmed some intraday gains and is trading higher. Currently, the Finnifty index is trading higher by 213 points or 1.07% at the 20131.90 level. The Finnifty index made a high of 20181.90 and hit the day’s low at 19920.05 so far on the spot level.
Today is the Finnifty expiry for weekly index options, it has strong resistance at the 20200 and 20300 levels, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20100 and 20000 hold the most substantial concentration, and could act as the support for the day.
Also, read Stock Market Prediction Next Week (12- 16 Feb 2024)
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