NSE Nifty and Bank Nifty Support and Resistance Today 26 Feb 2024
NSE Nifty and Bank Nifty Support and Resistance: Indian stock market indexes extended their early losses and are trading lower amid volatility. Most sectoral indices are trading in the red with IT, Metal, and Pharma falling the most, while Media and Auto sectors are slightly above their neutral lines.
NSE Nifty and Bank Nifty Support and Resistance
NSE Nifty Support and Resistance at 12.45 p.m. IST
The Nifty index extended early losses and is trading lower by 110 points or 0.49% at 22102 levels. The index made a high of 22202.15 and a day’s low of 22075.15, with a movement of 127 points till now. The Nifty Futures February series is trading at a 20-point premium at 22122, in comparison to the Nifty 50 spot price.
According to the Nifty weekly option chain data (29 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 and 22300 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 22000 levels while it has resistance at 22278 for the day
Bank Nifty Support and Resistance at 12.50 p.m. IST
The Bank Nifty index is currently trading lower by 189 points or 0.40% at 46622 level. The index made a high of 46893.15, while hit a day’s low at 46513.55 so far on the spot price, with a movement of 379.6 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 36 points at 46658 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (29 Feb) reveals that the Put options 46500 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.
According to Prabhudas Lilladher, Bank Nifty has support at 46405 levels while it has resistance at 47130 for the day.
Also, read Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
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.
