Support and Resistance- Nifty and Bank Nifty (BANKNIFTY) for 9 Feb 2024
Support and Resistance- Nifty and Bank Nifty for 9 Feb 2024: Indian stock market indexes are trading highly volatile. The equity benchmarks have been swinging between gains and losses since morning. Indian markets fell sharply in the previous session following the RBI policy outcome and the governor’s post-policy commentary.
Support and Resistance- Nifty & Bank Nifty (BANKNIFTY)
Support and Resistance Nifty at 10.45 a.m IST
The Nifty index erased early losses and is trading slightly higher by 11 points or 0.05% at the 21728 level. The index made a high of 21780.50 and a day’s low of 21629.90, with a movement of 150.6 points till now. The Nifty Futures February series is trading at a 52-point premium at 21780 in comparison to the Nifty 50 spot price.
Today is the Nifty index option’s weekly expiry on the NSE. The Nifty weekly option chain data (15 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 21800 strike prices, suggesting potential resistance levels for Nifty.
According to the analysts of Prabhudas Lilladher, Nifty has strong support at 21585 and resistance at 21798 levels.
Support and Resistance Bank Nifty at 11.50 a.m IST
The Bank Nifty index extended intraday gains and currently trading higher by 397 points or 0.88% at the 45411 level. The index made a high of 45488.90, while hit a day’s low at 44859.15 so far on the spot price, with a movement of 629.75 points. The Bank Nifty Futures for 25 February expiry is trading at a premium of 179 points at 45590 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (14 Feb) reveals that the Put options 45000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 45800 and 46000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, the researched-based broking house, Bank Nifty has strong support at 44543 levels and it has resistance at 45831.
Also, read Market Live Update: 9th February – Sensex and Nifty’s Rollercoaster Ride
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
Happy Investing!
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