Nifty 50 Support and Resistance Levels (16/02/2024):

Feb 15, 2024

Nifty 50 Support and Resistance Levels (16/02/2024):

#### Support Levels:
1. **Support Level 1:** 21,900
- A crucial support level. If the market opens gap-up and breaks below 21,900, it might signal a potential downside move.

2. **Support Level 2:** 21,800
- Another significant support level. If breached, it could lead to further downside movement, possibly towards 21,730.

#### Resistance Levels:
1. **Resistance Level 1:** 22,050
- A key resistance level. If the market reaches this level, it might face some resistance.

2. **Resistance Level 2:** 22,100
- Another resistance level in the upper range.

### Technical Analysis Insights:

- **Support Levels:** 21,900, 21,800 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.

- **Resistance Levels:** 22,050 and 22,100 are key levels where selling pressure might intensify, limiting immediate upward movements.

- **Downside Caution:** If the market breaks below 21,900 or 21,800, it might signal a potential downside move.

- **Upside Breakout Confirmation:** For a potential upside movement, Nifty 50 needs to break and sustain above 22,100. Confirmation above this level would strengthen the bullish case.