Nifty and Bank Nifty Prediction Today, April 4, 2024
Nifty and Bank Nifty Prediction Today, April 4, 2024: Indian stock market indexes opened higher on Thursday following positive cues from Wall Street overnight and Asian markets. The Nifty today opened at a fresh record high at 22592.10, up by 157.45 points, while the Sensex opened a gap-up of 537 and opened at 74413.82, hitting a new high at 74501.73. The Bank Nifty index also opened a gap-up of 461.95 points at 48086.20 levels.
Nifty and Bank Nifty Prediction Today
Nifty Support and Resistance at 10.10 a.m IST
The Nifty index erased all early gains and is trading slightly lower, by 12 points or 0.05% at 22421 levels. The index made a high of 22619 and a day’s low of 22382.90, with a movement of 236.1 points till now. The Nifty Futures April series is trading at an 89-point premium at 22510, compared to the Nifty 50 spot price.
Today is Nifty weekly options expiry, the NSE weekly option chain data for 4 April showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22400 and 22200, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22500 and 22600 strike prices, suggesting potential resistance levels for Nifty.
Nifty Prediction today by Prabhudas Lilladher– According to the reputed broking house, Nifty has support at 22347 and 22259 levels and has strong resistance at 22609 levels for the day. Sustaining above the 22609 level can move up to 22800.
Bank Nifty Support and Resistance at 10.15 a.m IST
The Bank Nifty index also trimmed early gains and is trading higher, by 156 points or 0.32% at the 47790 level. The index made a high of 48254.65 while hitting a day’s low at 47769.50 so far on the spot price, with a movement of 485.15 points. The Bank Nifty Futures for April series is trading at a premium of 209 points at 47999 compared to the Bank Nifty spot price.
Today the Bank Nifty NSE option chain data for 10 April reveals that the Put options 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 48000 and 48500 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 47377 and 47130 and resistance at 47924 and 48248 for the day.
Also, read Trade Setup for Thursday: Stock Market Today (4 April 2024)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
Happy Investing!
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