Nifty and Bank Nifty Support and Resistance Today, 28 March 2024
Nifty and Bank Nifty Support and Resistance Today, 28 March 2024: Indian stock market indexes opened higher on Thursday amid weak global cues. The Nifty today opened higher at 22163.60, up by 39.95 points, while the Sensex opened up by 153.04 points at 73149.35 levels. The Bank Nifty index opened marginally higher by 41.9 points at 46827.85 levels.
Nifty and Bank Nifty Support and Resistance Today
Nifty Support and Resistance at 11.45 a.m IST
The Nifty index extended its early gains and traded higher by 239.70 points or 1.08% at 22363 levels. The index made a high of 22373.50 and a day’s low of 22163, with a movement of 210.5 points till now. The Nifty Futures March series is trading at a 7-point premium at 22370, compared to the Nifty 50 spot price.
Today is the Nifty F&O expiry, the NSE weekly option chain data for 28 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22300 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.
Bank Nifty Support and Resistance at 11.50 a.m IST
The Bank Nifty index extended its gains and traded higher, by 469 points or 1% at the 47255 level. The index made a high of 47350.20 while hitting a day’s low at 46827.85 so far on the spot price, with a movement of 522.35 points. The Bank Nifty Futures for March series is trading at a premium of 417 points at 47672 compared to the Bank Nifty spot price.
Today the Bank Nifty NSE option chain data for 3 April reveals that the Put options 47000 and 46700 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 47500 and 48000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
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