Nifty and Bank Nifty Support and Resistance for the Expiry Day, 29 Feb 2024
Nifty and Bank Nifty Support and Resistance: The Indian stock market indexes are trading volatile in a narrow range at present. The Nifty metal, auto, and FMCG sectors are hovering just above their flat line, whereas media, realty, and pharma stocks are declining the most. Specifically, Nifty Media is currently down by more than 2%.
Nifty and Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.50 a.m IST
The Nifty index is trading flat at 21951 levels. The index made a high of 22022.40 and a day’s low of 21860.65, with a movement of 161.75 points till now. The Nifty Futures February series is trading at the same level in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (29 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 21800 indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22000 and 22100 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21835 and 21719 levels while it has resistance at 22148 and 22345 for the day.
Bank Nifty Support and Resistance at 11.55 a.m IST
The Bank Nifty index is presently trading lower by 115 points or 0.26% at the 45854 level. The index made a high of 46154.20, while hit a day’s low at 45661.75 so far on the spot price, with a movement of 492.45 points. The Bank Nifty Futures for the 29 February expiry is trading at a discount of 30 points at 45824 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (29 Feb) reveals that the Put options 45500 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 46000 and 46500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 45626 and 45288 levels while it has resistance at 46190 and 46528 for the day.
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