Nifty 50 Support Resitance Levels 01January 2024

Dec 31, 2023

1. **Primary Support: 21700**
- This is the initial support level. If the market opens above this level, it suggests potential strength.

2. **Secondary Support: 21600**
- If there's a deeper retracement, monitor how the index reacts around 21600. A bounce from this level could indicate continued support.

**Resistance Levels (01/01/2024):**

1. **Primary Resistance: No Immediate Resistance Based on Chart Analysis (Market opens at 21800)**
- If the market opens above 21800, there may not be immediate resistance based on technical chart analysis. However, it's essential to monitor price action for signs of overextension.

2. **Secondary Resistance: 21750 (In case of Gap Down)**
- If the market opens with a gap down, 21750 can act as a resistance level. Pay attention to how the price reacts around this level for potential trading decisions.

**Trading Strategy (01/01/2024):**

- **Bullish Scenario (Market opens above 21800):**
- Given that there's no immediate resistance based on chart analysis, monitor for sustained trading above 21800.
- Consider potential upside trades if the market demonstrates strength.
- Set appropriate stop-loss levels to manage risk.

- **Bearish Scenario (Market opens at or below 21700):**
- If the market opens at or below 21700, watch for potential support at 21700 and 21600.
- If there's a gap down, pay attention to how the index reacts around 21750. A failure to overcome this level may suggest further weakness.
- Consider potential short trades if support levels are breached convincingly.