Nifty 50 Technical Analysis - 21st February 2024

Feb 20, 2024

Nifty 50 Technical Analysis - 21st February 2024

## Overview

Nifty 50 continued to exhibit movements aligned with our identified levels. Traders are urged to pay attention to crucial support and resistance zones for well-informed trading decisions.

### Support Levels

**Support Zone: 22,050 to 22,000**
- A critical support range for Nifty 50. A breach of this zone may lead to further downward movements.

### Resistance Levels

**1. Resistance Level 1: 22,200**
- As per the technical chart, there's no immediate resistance. However, a potential resistance zone is noted at 22,200, especially if the market opens with a gap down.

**2. Resistance Level 2 (Open Interest): Between 22,250 and 22,300**
- Identified based on open interest, this zone may act as a significant resistance area.

### Technical Insights

#### Support Levels Analysis

The support zone of 22,050 to 22,000 has been crucial, and a breakdown could trigger additional downside movements. Traders should closely monitor these levels for potential reversals or extended declines.

#### Resistance Level Analysis

The technical chart indicates no immediate resistance, except for a potential zone at 22,200. However, considering open interest, traders should be aware of the resistance between 22,250 and 22,300.