Nifty and Bank Nifty Support and Resistance Today – 19 Feb 2024
Nifty and Bank Nifty Support and Resistance: Indian stock market indexes extended their early gains after initial volatility. The Indian equity benchmarks are heading for fifth consecutive gains. Most sectoral indices are trading in the green with FMCG, Pharma, and Media gaining the most, while Realty and IT are trading in the red.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.40 a.m IST
Nifty index touched a fresh record high at 22150.75 today. Nifty is trading on a firm note and up by 79 points or 0.37% at 22124 levels. The index made a high of 22150.75 and a day’s low of 22021.05, with a movement of 129.7 points till now. The Nifty Futures February series is trading at a 61-point premium at 22185, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (22 Feb) 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 22200 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance at 11.45 a.m IST
The Bank Nifty extended its early gains and is currently trading higher by 212 points or 0.45% at 46596 level. The Bank Nifty index made a high of 46692.25, while hit a day’s low at 46317.70 so far on the spot price, with a movement of 374.55 points. The Bank Nifty Futures for 29 February expiry is trading at a premium of 145 points at 46741 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (21 Feb) reveals that the Put options 46000 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.
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