Nifty 50 Support and Resistance Levels (06/02/2024):
#### Support Levels:
1. **Support Level 1:** 21,700
- If the market breaks below 21,700, there might be a potential downside movement.
2. **Support Level 2:** 21,600
- Another support level that could provide stability in case of a downside move.
#### Resistance Levels:
1. **Resistance Level 1:** 21,900
- A key resistance level that might pose challenges for an immediate upside breakout.
2. **Resistance Level 2:** 22,000
- Another resistance level indicating a potential barrier for further upward movement.
### Technical Analysis Insights:
- **Support Levels:** 21,700 and 21,600 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Levels:** 21,900 and 22,000 are key levels where selling pressure might intensify, limiting immediate upward movements.
- **Upside Breakout Confirmation:** For a potential upside movement, Nifty 50 needs to trade above 21,900. Confirmation above this level would strengthen the bullish case.
- **Downside Break Confirmation:** For a potential downside movement, Nifty 50 needs to trade below 21,600. Confirmation below this level might indicate increased bearish sentiment.
#### Support Levels:
1. **Support Level 1:** 21,700
- If the market breaks below 21,700, there might be a potential downside movement.
2. **Support Level 2:** 21,600
- Another support level that could provide stability in case of a downside move.
#### Resistance Levels:
1. **Resistance Level 1:** 21,900
- A key resistance level that might pose challenges for an immediate upside breakout.
2. **Resistance Level 2:** 22,000
- Another resistance level indicating a potential barrier for further upward movement.
### Technical Analysis Insights:
- **Support Levels:** 21,700 and 21,600 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.
- **Resistance Levels:** 21,900 and 22,000 are key levels where selling pressure might intensify, limiting immediate upward movements.
- **Upside Breakout Confirmation:** For a potential upside movement, Nifty 50 needs to trade above 21,900. Confirmation above this level would strengthen the bullish case.
- **Downside Break Confirmation:** For a potential downside movement, Nifty 50 needs to trade below 21,600. Confirmation below this level might indicate increased bearish sentiment.