These support levels represent crucial areas where Nifty 50 might experience buying interest and potential reversals as the market undergoes a downtrend.
#### Upside Resistance Levels: 1. **Resistance Level 1:** 21,700 - This level could act as the initial barrier for any potential upward movement.
2. **Resistance Level 2:** 21,800 - 21,800 is considered a significant resistance point. Breaking above this level might be challenging in a downtrend scenario.
### Technical Analysis Insights:
- **Support Zones:** 21,500, 21,450, and 21,300 are critical areas where buying interest might strengthen, potentially leading to a reversal or a temporary halt in the ongoing downtrend.
- **Resistance Zones:** 21,700 and 21,800 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements during the downtrend.
- **Downtrend Caution:** Nifty 50 seems to be in a downtrend, thus traders should be cautious. The presence of multiple support zones indicates potential areas where buyers might step in, but breaching these zones might lead to further downside.
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