Key Support & Resistance Levels for BSE Sensex, NSE Nifty, & Bank Nifty on March 22
Support & Resistance Levels for BSE Sensex, NSE Nifty, & Bank Nifty, 22 March 2024: The Indian stock market indexes opened lower on Friday following the negative global cues from Asian markets. BSE Sensex and NSE Nifty reversed their early losses and turned positive amid volatility. Among sectors, Realty, Media, and PSU Bank are top-gaining sectors, while IT is dragging the markets.
Support & Resistance Levels for BSE Sensex, NSE Nifty, & Bank Nifty
Nifty Support and Resistance at 11.30 a.m IST
The Nifty index erased early losses and traded higher by 60 points or 0.29% at 22075 levels. The index made a high of 22078.60 and a day’s low of 21883.30, with a movement of 195.3 points till now. The Nifty Futures March series is trading at a 67-point premium at 22142, compared to the Nifty 50 spot price.
Today is the Nifty index weekly options 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 22000 and 21900, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22100 and 22200 strike prices, suggesting potential resistance levels, for the day.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21872 levels and has resistance at 22081 and 22151 for the day.
Bank Nifty Support and Resistance at 11.30 a.m IST
The Bank Nifty index also pared some early losses and traded higher by 250 points or 0.54% at the 46930 level. The index made a high of 46943.35, while hit a day’s low at 46566.80 so far on the spot price, with a movement of 376.55 points. The Bank Nifty Futures for March series is trading at a premium of 49 points at 48430 compared to the Bank Nifty spot price.
The NSE weekly option chain data for 27 March 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 and 47500 exhibits notable OI concentrations, signifying potential resistance levels, for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46507 and 46328 and resistance at 46927 and 47169 for the day.
Today’s BSE Sensex Support and Resistance at 11.35 a.m IST
BSE Sensex opened lower, pared all losses, and is trading higher. Sensex is up by 172 points or 0.24% at 72813 levels. The index made a high of 72842.90 and a day’s low of 72172.10, with a movement of 670.8 points till now.
Today is Sensex weekly options expiry, the BSE Sensex weekly option chain data (22 March ) reveals that the Put options 72500 and 72000 hold the most substantial concentration. This level will likely serve as a critical support zone for the day. Conversely, today’s BSE Sensex Call strikes at 73000 and 73500 exhibit notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, today’s BSE Sensex has support at 72180 levels while it has resistance at 72877 and 73113 for the day
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