Nifty 50 Technical Analysis - 19th March 2024 Santu Saha

Mar 18

Nifty 50 Technical Analysis - 19th March 2024

## Market Overview

Let's examine the key support and resistance levels for Nifty 50 based on recent market movements.

### Resistance Levels

**1. Resistance Levels: 22,200**
- Initial resistance level to watch.
- Significant resistance at 22,400.
- A breakout above 22,200, followed by sustenance, could trigger an upside movement towards 22,400.

### Support Levels

**1. Support Zone: 22,100**
- Initial support level to monitor.
- Further support at 22,000.
- If the market opens above 22,100, it may act as a support level. Additionally, 22,000 could provide support in case of a downside trend.

### Technical Insights

#### Resistance Zone Analysis

The resistance zone between 22,200 and 22,400 remains critical for sustaining the current bullish sentiment. A decisive breakout above 22,200, followed by consistent trading above this level, may signal further upside potential towards 22,400.

#### Support Zone Analysis

The support zone near 22,100 is crucial for maintaining the current bullish bias. Traders should monitor price action around this level, as a breach below 22,100 might indicate increased selling pressure, potentially leading to a decline towards 22,000.

### Trading Recommendation

Traders are advised to closely observe price movements around the support and resistance levels. A breakout above 22,200 could signal a bullish continuation, while a breakdown below 22,100 might suggest a short-term bearish bias.