Nifty 50 Support and Resistance Levels (05/02/2024):
#### Support Levels:
1. **Support Level 1:** 21,600
- If the market sustains below 21,600, there might be a potential downside movement.
2. **Support Level 2:** 21,300
- If the market breaks below 21,300, it might fall further to 21,000.
3. **Support Level 3:** 21,000
- A key support level where significant buying interest might emerge.
#### Resistance Zone:
1. **Resistance Zone:** 21,900
- If the market opens gap-down, 21,900 might act as a resistance.
2. **Resistance Level:** 22,100
- 22,100 is a significant resistance level. A breakout above this level might signal the potential for an upside movement.
### Technical Analysis Insights:
- **Support Levels:** 21,600, 21,300, and 21,000 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Zone:** 21,900 and 22,100 are key levels where selling pressure might intensify, limiting immediate upward movements.
- **Breakdown Caution:** Sustaining below 21,600 might signify increased bearish sentiment and could lead to further downside movement.
- **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.
#### Support Levels:
1. **Support Level 1:** 21,600
- If the market sustains below 21,600, there might be a potential downside movement.
2. **Support Level 2:** 21,300
- If the market breaks below 21,300, it might fall further to 21,000.
3. **Support Level 3:** 21,000
- A key support level where significant buying interest might emerge.
#### Resistance Zone:
1. **Resistance Zone:** 21,900
- If the market opens gap-down, 21,900 might act as a resistance.
2. **Resistance Level:** 22,100
- 22,100 is a significant resistance level. A breakout above this level might signal the potential for an upside movement.
### Technical Analysis Insights:
- **Support Levels:** 21,600, 21,300, and 21,000 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Zone:** 21,900 and 22,100 are key levels where selling pressure might intensify, limiting immediate upward movements.
- **Breakdown Caution:** Sustaining below 21,600 might signify increased bearish sentiment and could lead to further downside movement.
- **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.