Nifty 50 Support and Resistance Levels (10/01/2024)
#### Support Levels:
1. **Support Level 1:** 21,500
2. **Support Level 2 (Strong Support):** 21,450
- 21,450 is considered a crucial support level for Nifty 50.
#### Upside Resistance Levels:
1. **Resistance Level 1:** 21,583
2. **Resistance Level 2:** 21,685
3. **Resistance Level 3:** 21,756
- These levels are seen as resistance points for potential upward movement.
### Technical Analysis Insights:
- **Support Zones:** 21,500 and 21,450 (strong support) are critical areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Zones:** 21,583, 21,685, and 21,756 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements.
- **Breakout Scenario:** A breakout above 21,600 could signal a potential uptrend, providing a clearer indication of a sustained upward movement.
- **Caution on Breakdown:** Breaking below 21,450 could indicate increased bearish sentiment and possibly lead to further downside movement.
#### Support Levels:
1. **Support Level 1:** 21,500
2. **Support Level 2 (Strong Support):** 21,450
- 21,450 is considered a crucial support level for Nifty 50.
#### Upside Resistance Levels:
1. **Resistance Level 1:** 21,583
2. **Resistance Level 2:** 21,685
3. **Resistance Level 3:** 21,756
- These levels are seen as resistance points for potential upward movement.
### Technical Analysis Insights:
- **Support Zones:** 21,500 and 21,450 (strong support) are critical areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Zones:** 21,583, 21,685, and 21,756 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements.
- **Breakout Scenario:** A breakout above 21,600 could signal a potential uptrend, providing a clearer indication of a sustained upward movement.
- **Caution on Breakdown:** Breaking below 21,450 could indicate increased bearish sentiment and possibly lead to further downside movement.