Nifty and Bank Nifty Support and Resistance for 11 March 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock market indexes opened marginally higher on Monday, despite the negative global cues. Among the sectors, barring pharma all other sectoral indices are trading in the red, with Media, Metal, and IT falling the most.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.25 a.m IST
The Nifty index erased early gains and traded lower by 75 points or 0.33% at 22420 levels. The index made a high of 22526.60 and a day’s low of 22411.30, with a movement of 115.3 points till now. The Nifty Futures March series is trading at an 86-points premium at 22506, compared to the Nifty 50 spot price.
Today is the Nifty options week expiry, the NSE weekly option chain data for 14 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22400, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22500 and 22600 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 22387 levels, while it has resistance at 22536 and 22579 for the day.
Bank Nifty Support and Resistance at 11.25 a.m IST
The Bank Nifty index opened lower and extended its early losses, down by 319 points or 0.67% at 47516 level. The index made a high of 47853.80, while hit a day’s low at 47450.10 so far on the spot price, with a movement of 403.7 points. The Bank Nifty Futures for March series expiry is trading at a premium of 194 points at 47710 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data for 13 March 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 47800 and 48000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 47560 and 47300 levels and has resistance at 48023 and 48209 for the day.
Also, read Stock Market Prediction: 5 Factors to Influence Nifty & Bank Nifty Next Week
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
