Nifty Levels 14 Nov 2024
This Nifty chart displays several key price levels and zones with shaded areas, suggesting support and resistance levels. Here are the main observations:
Resistance Zones:
Multiple gray shaded regions at the top of the chart (around 23,767.80, 23,821.55, and 23,873.95) mark potential resistance levels where the price previously faced selling pressure and reversed downward.
These areas likely represent strong resistance, as the price has bounced down from these levels multiple times.
Support Zones:
There is a gray shaded area near the lower half of the chart (around 23,561.35 and 23,546.40) where the price found support, rebounded, and moved upward.
Additional support levels are marked at around 23,512.70 and 23,480.85, indicating zones where the price might find support if it declines again.
Recent Price Action:
The price has been in a downtrend, making a series of lower highs and lower lows.
Recently, a reversal has occurred near the support zone, and the price has moved upward, indicating a potential short-term bullish movement.
Current Price Level:
The current price is around 23,602.90, slightly above a previous support level.
This position suggests that if the price can hold above this support, it may continue to rise towards the next resistance levels.
Key Levels:
Notable levels include 23,660.40, 23,630.60, and 23,578.20. These levels can act as interim resistance or support in future price action.
Overall, this chart provides a technical analysis perspective of the Nifty index, showing key support and resistance zones that could influence future price movements.
Resistance Zones:
Multiple gray shaded regions at the top of the chart (around 23,767.80, 23,821.55, and 23,873.95) mark potential resistance levels where the price previously faced selling pressure and reversed downward.
These areas likely represent strong resistance, as the price has bounced down from these levels multiple times.
Support Zones:
There is a gray shaded area near the lower half of the chart (around 23,561.35 and 23,546.40) where the price found support, rebounded, and moved upward.
Additional support levels are marked at around 23,512.70 and 23,480.85, indicating zones where the price might find support if it declines again.
Recent Price Action:
The price has been in a downtrend, making a series of lower highs and lower lows.
Recently, a reversal has occurred near the support zone, and the price has moved upward, indicating a potential short-term bullish movement.
Current Price Level:
The current price is around 23,602.90, slightly above a previous support level.
This position suggests that if the price can hold above this support, it may continue to rise towards the next resistance levels.
Key Levels:
Notable levels include 23,660.40, 23,630.60, and 23,578.20. These levels can act as interim resistance or support in future price action.
Overall, this chart provides a technical analysis perspective of the Nifty index, showing key support and resistance zones that could influence future price movements.
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