Nifty 50 IndexLong
Nifty 50 Support/Resistance 02Nov23
Support Levels:
1. 18945: This is the initial support level. If the market dips, it could find support around this level.
2. 18855: This is another support level to watch for, especially if 18945 is breached.
Resistance Levels:
1. 19077: The first resistance level to keep an eye on. If the market approaches this level, it may face selling pressure.
2. 19130: A significant resistance level. A breakout above this level may signal a potential upside move.
3. 19173: Another resistance level to consider, as you mentioned, there's significant resistance on the upper side.
Important Notes:
- While support and resistance levels are valuable in trading, they should be used in conjunction with other market analysis tools and considerations, such as fundamental analysis and market sentiment.
- Market conditions can change rapidly, so having a well-defined trading strategy and using risk management tools, like stop-loss orders, is crucial to manage potential losses.
- Keep an eye on candlestick patterns and other technical indicators to confirm potential breakouts and reversals.
1. 18945: This is the initial support level. If the market dips, it could find support around this level.
2. 18855: This is another support level to watch for, especially if 18945 is breached.
Resistance Levels:
1. 19077: The first resistance level to keep an eye on. If the market approaches this level, it may face selling pressure.
2. 19130: A significant resistance level. A breakout above this level may signal a potential upside move.
3. 19173: Another resistance level to consider, as you mentioned, there's significant resistance on the upper side.
Important Notes:
- While support and resistance levels are valuable in trading, they should be used in conjunction with other market analysis tools and considerations, such as fundamental analysis and market sentiment.
- Market conditions can change rapidly, so having a well-defined trading strategy and using risk management tools, like stop-loss orders, is crucial to manage potential losses.
- Keep an eye on candlestick patterns and other technical indicators to confirm potential breakouts and reversals.
Disclaimer
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