Nifty 50 Support and Resistance Levels (30/01/2024):
#### Support Levels:
1. **Support Level 1:** 21,600
2. **Support Level 2:** 21,700
3. **Support Level 3:** 21,500
- All these levels worked as support, indicating the potential for buying interest in these areas.
#### Resistance Levels:
1. **Resistance Level (as of now):** 21,900
- 21,900 is a significant resistance level. A breakout above this level might signal the potential for an upside movement.
### Technical Analysis Insights:
- **Support Zones:** 21,600, 21,700, and 21,500 are crucial levels where buying interest emerged, leading to a reversal or temporary halt in the downward movement.
- **Resistance Zone:** 21,900 is a key level where selling pressure might intensify, limiting immediate upward movements.
- **Breakout Caution:** Wait for a breakout above 21,900 for a potential upside move.
- **Trade Strategy:** Consider creating a position on the upside after a confirmed breakout above 21,900.
#### Support Levels:
1. **Support Level 1:** 21,600
2. **Support Level 2:** 21,700
3. **Support Level 3:** 21,500
- All these levels worked as support, indicating the potential for buying interest in these areas.
#### Resistance Levels:
1. **Resistance Level (as of now):** 21,900
- 21,900 is a significant resistance level. A breakout above this level might signal the potential for an upside movement.
### Technical Analysis Insights:
- **Support Zones:** 21,600, 21,700, and 21,500 are crucial levels where buying interest emerged, leading to a reversal or temporary halt in the downward movement.
- **Resistance Zone:** 21,900 is a key level where selling pressure might intensify, limiting immediate upward movements.
- **Breakout Caution:** Wait for a breakout above 21,900 for a potential upside move.
- **Trade Strategy:** Consider creating a position on the upside after a confirmed breakout above 21,900.