Support and Resistance for Sensex, Nifty & Bank Nifty Today, 15 March 2024
Support and Resistance for Sensex, Nifty & Bank Nifty Today: The Indian stock market indexes opened lower on Thursday tracking the negative global cues and extending their early losses. All sectoral indices are trading in the red, with Energy, PSU Bank, and Auto falling the most.
Support and Resistance for Sensex, Nifty & Bank Nifty Today
Nifty Support and Resistance at 11.25 a.m IST
Nifty extended early losses and traded lower by 189 points or 0.85% at 21957 levels. The index made a high of 22120.90 and a day’s low of 21934.10, with a movement of 186.8 points till now. The Nifty Futures March series is trading at a 91-point premium at 22048, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 21 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 21900, followed by 21800, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22300 and 22200 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21802 levels and has resistance at 22262 for the day.
Bank Nifty Support and Resistance at 11.30 a.m IST
The Bank Nifty index is trading lower by 387 points or 0.83% at the 46399 level. The index made a high of 46802.55, while hit a day’s low at 46310.50 so far on the spot price, with a movement of 492.05 points. The Bank Nifty Futures for March series is trading at a premium of 198 points at 46597 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data for 20 March reveals that the Put options 46500 and 46000 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 46800 and 47000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46196 and resistance at 47159 for the day.
Today’s BSE Sensex Support and Resistance at 11.30 am IST
BSE Sensex opened lower and extended its losses. Sensex is trading lower by 512 points or 0.70% at 72589 levels. The index made a high of 72998.07 and a day’s low of 72488.78, with a movement of 509.29 points till now.
Today is Sensex weekly options expiry, the BSE Sensex weekly option chain data (15 March ) reveals that the Put options 72500 and 72000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, today’s BSE Sensex Call strikes at 73000 and exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, today’s BSE Sensex has support at 72119 levels while it has resistance at 73475 for the day
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Happy Investing!
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