NSE Share Bazaar Analysis: 16 January 2024 – Nifty and BankNifty Consolidate Amidst Option Chain Dynamics

Explore the NSE Share Bazaar’s dynamic movements on 16 January 2024. In-depth analysis of Nifty, BankNifty, and option chain dynamics for informed investment decisions.

Today’s NSE Share Bazaar

Date: 16 January 2024

In the dynamic landscape of the NSE Share Bazaar on 16 January 2024, market participants witnessed a day of consolidation as both Nifty and BankNifty navigated subtle shifts in their respective indices. Let’s delve into the key data points of this trading day to gain insights into the performance of major indices and explore the intriguing developments in the option chain.

Also Read: Share Bazaar Plunges on 17 January 2024

Nifty’s Intraday Highs and Lows:

The Nifty index kicked off the trading day at 22,080.50, a marginal dip from the previous close of 22,097.45. However, it showcased resilience by reaching intraday new life highs at 22,124.15, only to settle at 22,032.30 at the close. The day’s low touched 21,969.80, reflecting a day of varied movements. Noteworthy gainers in the NSE Nifty Index included BPCL, TATASTEEL, and TITAN, while DIVISLAB, HCLTECH, and NTPC faced some setbacks as the top losers.

Also Read: 15 January 2024: NSE Share Bazar Witnesses Bullish Momentum

BankNifty’s Steady Performance:

On 16 January 2024, BankNifty, mirroring the overall sentiment, opened at 48,109.95 and closed at 48,125.10, indicating a marginal loss of 0.07%. The intraday journey saw a high of 48,305.40 and a low of 48,002.85. Among the gainers in the BankNifty Index were IDFCFIRSTB, HDFCBANK, and BANKBARODA, whereas FEDERALBNK, INDUSINDBK, and SBIN faced some challenges as the top losers.

NSE Share Bazaar Analysis: 16 January 2024

Highlights from Other Key Indices:

Nifty Next 50:

This basket of stocks displayed a mixed bag of movements, opening at 55,013.00, reaching highs of 55,056.75, and closing at 54,816.90.

Nifty Auto:

The auto sector exhibited a moderate day with an open at 18,749.10, highs at 18,865.85, and a closing figure of 18,712.70.

Nifty Midcap 50:

The midcap segment experienced fluctuations with an opening at 13,502.95, highs at 13,512.90, and a closing mark of 13,410.85.

Also Read: Share Market Update on 12 January 2024

Nifty FMCG:

The FMCG sector demonstrated stability, opening at 56,705.20, reaching highs of 56,872.50, and concluding at 56,755.85.

Nifty IT:

The IT index displayed a moderate performance, opening at 37,132.40, touching highs of 37,132.40, and closing at 36,727.10.

Nifty Metal:

The metal sector witnessed positive movements, opening at 7,889.05, reaching highs of 7,973.20, and closing at 7,941.85.

Nifty Pharma:

Pharma stocks showed resilience, opening at 17,526.95, reaching highs of 17,531.85, and closing at 17,320.15.

Nifty PSU Bank:

The PSU banking sector saw a day of marginal movements, opening at 5,926.30, reaching highs of 6,007.45, and closing at 5,933.40.

Option Chain Dynamics For 16 January 2024


In the option chain realm, the Nifty index witnessed significant changes in Open Interest Calls. The top three changes included 22100CE with 87,705, 22050CE with 53,946, and 22200CE with 50,785. On the Put side, notable changes were observed in 21900PE with 11,692, 21950PE with 11,047, and 22100PE with -6,917.

BankNifty’s option chain activity was marked by substantial changes in Open Interest Calls, with 48100CE at 87,235, 48200CE at 57,650, and 48300CE at 1,32,215. On the Put side, key changes included 48000PE with 29,167, 48100PE with 22,235, and 47900PE with 16,277.

Conclusion:


The NSE Share Bazaar on 16 January 2024 unfolded as a day of consolidation, reflecting the market’s ability to absorb fluctuations. While Nifty and BankNifty showcased stability, various sectors experienced diverse movements. The option chain dynamics added an additional layer of complexity, highlighting the nuanced strategies of market participants. As investors navigate this intricate landscape, staying informed about these key indices and option chain dynamics becomes imperative for making well-informed decisions in the ever-evolving financial markets.

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