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Support and Resistance

Double Bottom Alert: NIFTY 50’s Turning Point? The NIFTY 50 is approaching a crucial technical zone, hinting at a potential reversal with a double bottom formation in play. Will the bulls seize this opportunity to rally, or will the bears maintain their grip? Key Points: 1. Resistance Zones: - 23,758.05 - 23,647.05 - 23,570.60 - 23,458.50 2. Support Levels: - 23,268.75 - 23,153.60 - 23,037.15 3. Current Setup: The NIFTY 50 is hovering near a critical double bottom area, a historically strong reversal pattern if validated. The price action suggests a cautious optimism, with significant resistance levels overhead. A breach of these levels could signal a breakout, while a failure to hold support may lead to further downside. How to Trade This: - Bullish Strategy: Enter long above 23,458.50, targeting 23,647.05 and 23,758.05. Use 23,268.75 as a stop-loss. - Bearish Strategy: Enter short below 23,153.60, aiming for 23,037.15 and 22,900. Place a stop-loss above 23,268.75. Bottom Line: The double bottom pattern indicates a potential turning point for NIFTY 50. However, confirmation of a breakout above resistance is key for bullish momentum. Watch the support zone closely for invalidation signals. NSE:NIFTY Only for educational purposes. This content is not a recommendation to buy and sell. Not SEBI REGISTRAR.
NSE:NIFTY
by thetradeforecast
Nifty weekly analysis for 13/01/2025.The weekly charts of the index is looking bearish as the market has closed around the 50 EMA. A strong support around the 23400 levels is there. The support has been tested 2-3 times and it is weakening the levels. If the support levels is breached it can test the lower support level of 22k. Sell on rise the market is there. On daily charts market has reversed from the levels but bullish trades can only be trade once the previous resistance level is taken out. Major levels Support :- 22340, 22650 Resistance :- 23750, 24175 Wait for the price action near the levels before entering the market.
NSE:NIFTY
by TheMamboMomentum
BankNifty Intraday Support & Resistance Levels for 13.01.2025On Friday, BankNifty opened gap-down and witnessed a highly volatile session. It recorded a high of 49,483.15 and a low of 48,631.20, breaking below the critical 61.8% FIBO level at 49,282. Eventually, it closed at 48,734.15, losing a substantial 769 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative. Demand/Support Zones Near Support Level: 46,077.85 (low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 49,173.80 - 49,359.35 Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60 Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Outlook Friday's close below the 61.8% FIBO level at 49,282 raises concerns for the bulls.
NSE:BANKNIFTY
by PriteshPalan
1
DMART Oversold with Potential for ReboundTopic Statement: Avenue Supermarts (DMART) has corrected severely and is oversold, trading under the 180-day moving average near the accumulation zone, with gaps from the correction likely to be filled. Key Points: 1. Company posted an acceptable profit growth of about 5% QoQ for the 3rd quarter. 2. Price is under the 180-day moving average, indicating oversold conditions. 3. Trading near the accumulation zone. 4. Gaps created during the correction are expected to be filled.
NSE:DMARTLong
by yogeshwar
RSI in trading The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to detect overbought or oversold conditions in the price of that security. The relative strength index (RSI) is an indicator used in technical analysis to determine overbought and oversold conditions, which provides traders with buy and sell signals (when to enter and exit positions). Values above 70 indicate overbought conditions and those below 30 indicate oversold conditions.
NSE:IGLEducation
by SkyTradingZone
Nifty Intraday Support & Resistance Levels for 13.01.2025On Friday, Nifty opened flat to positive but experienced a highly volatile session. It initially rose to a high of 23,596 before dipping sharply to the day’s low of 23,344.35. A late-session recovery pushed it back to 23,596.60, but another drop near the day’s low followed, with Nifty closing at 23,431.50, down by 95 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative, indicating caution. Demand/Support Zones Near Support Level: 23,263 (low of 21st November 2024) Far Support Level: 23,189.88 (61.8% FIBO retracement) Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15 Supply/Resistance Zones Near Supply/Resistance Zone (75m): 23,645.05 - 23,726.85 Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30 (inside Daily Supply Zone) Near Supply/Resistance Zone (Daily): 23,976 - 24,196.45 Far Supply/Resistance Zone (Daily): 24,601.75 - 24,781.25 (inside Weekly Supply Zone) Far Supply/Resistance Zone (Weekly): 24,180.80 - 24,792.30 Outlook Nifty's price action suggests it may face strong resistance near 23,645 - 23,727 and critical support at 23,263. A decisive move beyond these levels could set the tone for the upcoming sessions.
NSE:NIFTY
by PriteshPalan
MACD in trading The Moving Average Convergence/Divergence indicator is a momentum oscillator primarily used to trade trends. Although it is an oscillator, it is not typically used to identify over bought or oversold conditions. It appears on the chart as two lines which oscillate without boundaries. Narrator: The moving average convergence divergence, or MACD, is a trading indicator, which can help measure a stock's momentum and identify potential entries and exits. The MACD is a lower indicator, meaning it usually appears as a separate chart below a stock chart.
BSE:SENSEXEducation
by SkyTradingZone
CANARABank took two times support at 92 what next ?canarabank bounced two times at 92 around ,more times the support is tested it will be broken however we can see it did made lower highs and is below 200 dma i think this time it will continue to be bearish every time on closing basis did not close below support we can see in past two points but this time closed almost at days low strongly bearish Disclaimer- Just my view and opinion trade at your own risk not an investment advice these are only for educational purposes
NSE:CANBKShort
by techno_funda_guy