Support and Resistance for Nifty and Bank Nifty for 29 Jan 2024
Support and Resistance for Nifty and Bank Nifty: Indian stock market indexes opened higher on Monday following positive cues from Asian markets and as Gift Nifty indicated. The Nifty today opened higher at 21433.10, up by 80.5 points, while the Sensex made a positive opening of 267.43 points at 70968.10 levels. The Bank Nifty index opened a gap-up at 45171.50, up by 305.35 points.
Support and Resistance: Nifty and Bank Nifty
Nifty Support and Resistance Levels at 11.05 a.m IST
The Nifty index extended its early gains and is trading higher by 288 points or 1.31% at 21641 levels. The index made a high of 21642.35 and a day’s low of 21429.60, with a movement of 212.75 points till now. The Nifty Futures February series is trading at a 134-point premium at 21775 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (1 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21500 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21700 and 21800 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance Levels at 11.10 a.m IST
The Bank Nifty index also extended its early gains and currently trading higher by 699 points or 1.56% at 45564 level. The Nifty Bank index made a high of 45660.35, while hit a day’s low at 45110.90 so far on the spot price, with a movement of 549.45 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 360 points at 45924 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (31 Jan) reveals that the Put options 45500 and 45300 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, Bank Nifty Call strikes at 46000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
Stock Market Updates Today
Among the sectors, barring IT all sectoral indices are trading in the green. The sectors that are leading are Energy, PSU Bank, and Financial Services.
The top-gaining stocks in the Nifty 50 index are Britanni ONGC, Adani Enterprise, Adani Ports, Coal India, and Power Grid and the top losing stocks are Cipla, Dr. Reddy, Infy, LTIM, and TCS.
The most active stocks in NSE in terms of value are HDFC Bank, Axis Bank, and Reliance, and in terms of volume are ONGC, HDFC Bank, and NTPC.
Also, read Stock Market Prediction Next Week (29 Jan -2 Feb 2024)
Trade Setup for Monday: Stock Market Today (29 Jan 2024)
Happy Investing!
Editor’s Desk
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