Resistance Level : 1. Good Resistance Zone exists at 35100-400 2. Stronger Resistance at 35500 3. Good Resistance at 35700. 4. Strongest Resistance at 35000. * Increasing resistance above 35000.
Support Level : 1. 34800 is Strong Support Level . 2. 34000 is a Strong Support. 3. 34500 is Stronger Support. 4. 34200-300 Good Support Zone.
This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
I hope you all like my analysis. Please do share your thoughts into comment section. Please give a like, it motivates me to do analysis and do share with your friends as well.
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Did you see my other post in Live Market for Nifty Breakdown.
vishug1971
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Sirji, a small clarification, why should these support & resistance falls exactly on 100s why not lesser denominations to be considered? Some times seen the swings ending above/below 20 to 25 ticks and the signal bars too getting formed in those odd regions, if I m wrong please do correct me
Today at 11 am an inverted hammer formed @ 35082 which was a perfect negative candle but formed at odd region , if followed would have get around 200 points for bearish move
Why should these support & resistance falls exactly on 100s why not lesser denominations to be considered?
Ans: Here, it depends more on what tool do you follow for analysis.
1. Price Action
2. Option Chain
1. Price Action
If this method is chosen for analysis, then you will be able to see Support and Resistance at Non-Round figures.
Example : In 15 mins time frame chart watch out for 19th where market fell by 700 pts and bounced back, see the levels from where it has reversed .. 35350 ... it actually filled the pending gap ..explained in previous post and videos. There are many examples.
2. Option Chain
If this method is chosen for analysis, then you will be able to see Support and Resistance at Round figures.
Here, we have no other options to Buy/Sell Banknifty at Odd level/ Odd Strike Price. We can buy a share of particular Strike Price at different price.
During trading hours when the price is moving up-down, traders buy-sell at the same time for different strike price having different price value. Now all of a sudden, majority of them buy-sell at a point and market takes the direction of majority, so many times we see reversal or bounce back from Odd price as well as exact from Round-figure price.
I hope i answered your question satisfactorily.
Others can correct me if i am wrong.
Try to post your question in the comment section of the videos as well, so that those who are watching may read and can learn some things.