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Support and Resistance

BankNifty Intraday Support & Resistance Levels for 03.01.2025On Thursday, BankNifty opened on a positive note, found support at 50,992.80, and staged a strong rally to the day’s high of 51,672.75. It closed at 51,605.55, gaining an impressive 545 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 Demand/Support Zone (15m): 51,268.25 - 51,370.55 Far Demand/Support Zone (15m): 50,800.50 - 50,890 Far Demand/Support Zone (15m): 50,485.05 - 50,629.65 Far Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05 Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
NSE:BANKNIFTY
by PriteshPalan
Nifty Intraday Support & Resistance Levels for 03.01.2025On Thursday, Nifty opened gap-up, found support at 23,751.55, and rallied impressively to a high of 24,226.70, entering the Daily Supply Zone. It closed strong at 24,188.65, gaining a substantial 445 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has shifted from negative to sideways. Demand/Support Zones Near Demand/Support Zone (30m): 23,916.70 - 23,974.15 Near Demand/Support Zone (125m): 23,678.35 - 23,822.80 Far 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 (Daily): 24,149.85 - 24,394.45 (current price inside this zone) Near Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
NSE:NIFTY
by PriteshPalan
NIFTY ELLIOT WAVE ANALYSIS - Wave b(4)Potential Wave B Completion in Wave 4 Correction Currently, Nifty appears to be in Wave B of an ongoing Wave 4 correction in the Elliott Wave structure. The price action suggests the possibility of filling the gap around the 81.2% retracement level, following which a decline in the form of Wave C might unfold. Key Levels to Watch: Resistance Zone: 25,600–25,700 This level could act as a key resistance, capping the upward move of Wave B. Support Zone: 22,700–22,800 On the downside, this area may provide significant support and serve as the target for Wave C. Potential Scenario: Wave B could complete after testing the resistance zone, forming a bearish reversal. If the gap fill around the 81.2% Fibonacci retracement occurs, it might signal the transition into Wave C. Wave C could drive prices lower toward the support zone, completing the corrective structure.
NSE:NIFTY
by hiteshkumar10999
Lupin- Long Opportunity!Lupin - Daily Time Frame Analysis 📈 1️⃣ Breakout Alert Lupin broke out of resistance at ₹2322.5 with strong volume, forming a Three White Soldiers candlestick pattern. The breakout is sustaining, trading above the breakout level for the past two days. Trading Strategy 1: 📌 Entry: ₹2377 🎯 Medium-Term Target: ₹2677 🛑 Stop Loss (SL): ₹2114 (closing basis) Trading Strategy 2: -Add 30-50% position at ₹2377. -Wait for a possible pullback to ₹2219. Upon reversal confirmation, add the remaining 50% position. ⚠️ Note: A pullback to ₹2219 is not guaranteed but reduces risk if it occurs. 💡 Ideal Positional Entry: The optimal entry was at ₹2220, marking the breakout of a Double Bottom pattern. Sectoral Outlook: 📊 Nifty Pharma is performing better than most sectors, showing relative strength. Risk Management Matters ⚠️ Proper position sizing is critical. It can make or break your trade. 📉 Caution: The broader market trend remains bearish, and confirmation of a sustained trend is still pending. #lupin #StockMarketIndia
NSE:LUPINLong
by sagartharayil
Nifty 50: Double Bottom Pattern & Price Channel InsightsNifty 50 Analysis - A Learning Opportunity Let’s break down what’s happening in the chart: 1. Double Bottom Pattern Do you see that "W" shape forming on the chart? That’s called a double bottom pattern. It’s one of the most reliable indicators that the market might reverse from a downtrend to an uptrend. This happens because the price tested a low point twice but couldn’t go lower, showing that buyers stepped in strongly. 2. Support Zone The highlighted area on the chart is a support zone. Think of it as a safety net where the price tends to stop falling because buyers jump in. This zone has shown its importance before, so it’s no surprise that the market reversed here again. 3. Price Channel Notice how the price is moving within that green channel? That’s an ascending price channel, which means the market is trending upwards in a structured way. The bottom line of the channel acts as support, while the top acts as resistance. It’s like a guide to understanding how the price might behave if the trend continues. 4. MACD Indicator At the bottom, you’ll see the MACD (Moving Average Convergence Divergence) indicator. It’s showing signs of momentum improving. The lines are coming closer together, and if they cross upwards, it confirms the trend shift. It’s like getting a green light for the bullish move. What Can We Learn From This? 1. Patterns Tell a Story The double bottom pattern tells us that buyers are stepping up, and sellers are losing strength. Learning to recognize this pattern early can give you a head start in understanding market trends. 2. Support Zones Matter Support zones are like battlefields where buyers and sellers fight for control. When the price bounces off a support zone, it shows that buyers are winning. These zones are great reference points for understanding market movements. 3. Channels Are Roadmaps Price channels give structure to the market. The price tends to respect the channel boundaries, so understanding these can help you anticipate where the price might head next. 4. Indicators Confirm Trends The MACD is like a second opinion—it helps confirm what the chart is already telling you. Watching for a crossover or changes in the histogram can give you confidence in your analysis. Why This Matters Understanding these patterns and indicators isn’t about predicting the future—it’s about reading what the market is telling us right now. It’s a way to build confidence in your ability to analyze charts and make informed decisions. Keep practicing, and soon, identifying patterns, channels, and key zones will become second nature! If you found this analysis insightful, don’t forget to hit like and follow for more such content! For related trading ideas and educational posts, check out our profile @TraderRahulPal Let’s learn and grow together!
NSE:NIFTYEducation
by TraderRahulPal
6
HDFCBANK // levelsAs of January 2, 2025, HDFC Bank Limited (NSE: HDFCBANK) is trading at ₹1,806.15. Technical analysis indicates the following support and resistance levels: Support Levels: S1: ₹1,765 S2: ₹1,746 S3: ₹1,732 Resistance Levels: R1: ₹1,797 R2: ₹1,812 R3: ₹1,830 These levels suggest that if the stock price falls below the immediate support at ₹1,765, it may find the next support at ₹1,746. Conversely, if the price rises above the immediate resistance at ₹1,797, it could encounter the next resistance at ₹1,812. Additionally, the stock is testing support at ₹1,770. A downward breakthrough of this level could signal a negative trend. Please note that stock prices are subject to market volatility, and it's advisable to consult financial advisors or use real-time trading platforms for the most current information.
NSE:HDFCBANKLong
by SkyTradingZone
AFCONS // Levels Afcons Infrastructure Limited, a prominent construction and engineering company in India, specializes in infrastructure development across various sectors. As of January 2, 2025, Afcons Infrastructure's stock (NSE: AFCONS) is trading at ₹520.90. NSE INDIA Technical analysis indicates the following support and resistance levels: Support Levels: S1: ₹510.00 S2: ₹500.00 S3: ₹490.00 Resistance Levels: R1: ₹530.00 R2: ₹540.00 R3: ₹550.00 These levels suggest that if the stock price falls below the immediate support at ₹510.00, it may find the next support at ₹500.00. Conversely, if the price rises above the immediate resistance at ₹530.00, it could encounter the next resistance at ₹540.00. Please note that stock prices are subject to market volatility, and it's advisable to consult financial advisors or use real-time trading platforms for the most current information.
NSE:AFCONSLong
by SkyTradingZone
Sensex // Levels As of January 2, 2025, the S&P BSE Sensex Index is trading at 79,204.16 INR, reflecting a 0.47% increase over the past 24 hours. Technical analysis indicates the following support and resistance levels: Support Levels: S1: 78,018 S2: 77,529 S3: 77,160 Resistance Levels: R1: 78,877 R2: 79,246 R3: 79,735 These levels suggest that if the Sensex declines below the immediate support at 78,018, it may find the next support at 77,529. Conversely, if it rises above the immediate resistance at 78,877, it could encounter the next resistance at 79,246. Additionally, the Relative Strength Index (RSI) is at 66.391, indicating a buy signal, while the Stochastic Oscillator is at 99.408, suggesting overbought conditions.
BSE:SENSEXLong
by SkyTradingZone
1
CIPLA // LevelsAs of January 2, 2025, Cipla Limited (NSE: CIPLA) is trading at ₹1,529.10, reflecting a 0.01% increase from the previous close of ₹1,529.00. Technical analysis indicates the following support and resistance levels: Support Levels: S1: ₹1,516 S2: ₹1,503 S3: ₹1,487 Resistance Levels: R1: ₹1,545 R2: ₹1,561 R3: ₹1,574 These levels suggest that if the stock price falls below the immediate support at ₹1,516, it may find the next support at ₹1,503. Conversely, if the price rises above the immediate resistance at ₹1,545, it could encounter the next resistance at ₹1,561. Additionally, the Relative Strength Index (RSI) for Cipla is currently in a neutral range, indicating neither overbought nor oversold conditions. Please note that stock prices are subject to market volatility, and it's advisable to consult financial advisors or use real-time trading platforms for the most current information.
NSE:CIPLALong
by SkyTradingZone
DLF // Levels As of January 2, 2025, DLF Limited (NSE: DLF) is trading at ₹824.50, reflecting a 0.05% decrease over the past 24 hours. Technical analysis indicates the following support and resistance levels: Support Levels: S1: ₹833.27 S2: ₹819.68 S3: ₹804.52 Resistance Levels: R1: ₹848.43 R2: ₹862.02 R3: ₹877.18 These levels suggest that if the stock price falls below the immediate support at ₹833.27, it may find the next support at ₹819.68. Conversely, if the price rises above the immediate resistance at ₹848.43, it could encounter the next resistance at ₹862.02. Additionally, the stock is currently trading between support at ₹820 and resistance at ₹900. A definitive break through one of these levels could indicate a new direction.
NSE:DLFLong
by SkyTradingZone
Nifty Intraday Analysis for 2nd January 2025NSE:NIFTY Index closed near 23745 level and Maximum Call and Put Writing near CMP as below in current weekly contract: Call Writing 24000 Strike – 90.67 Lakh 23800 Strike – 71.34 Lakh 23900 Strike – 62.46 Lakh Put Writing 23500 Strike – 78.32 Lakh 23600 Strike – 67.47 Lakh 23700 Strike – 61.82 Lakh Index has resistance near 23850 - 23900 range and if index crosses and sustains above this level then may reach near 24000 - 24050 range. Index has immediate support near 23600 – 23550 range and if this support is broken then index may tank near 23400 – 23350 range.
NSE:NIFTYLong
by RKMAURYA
Banknifty Intraday Analysis for 2nd January 2025NSE:BANKNIFTY Index closed near 51060 level and Maximum Call and Put Writing near CMP as below in January Month contract: Call Writing 52000 Strike – 13.64 Lakh 51500 Strike – 8.17 Lakh 51000 Strike – 7.21 Lakh Put Writing 51000 Strike – 10.65 Lakh 50000 Strike – 9.41 Lakh 51500 Strike – 8.94 Lakh Index has resistance near 51500 – 51600 range and if index crosses and sustains above this level then may reach near 52000 – 52200 range. Index has immediate support near 50700 - 50600 range and if this support is broken then index may tank near 51000 - 50000 range.
NSE:BANKNIFTYLong
by RKMAURYA
Finnifty Intraday Analysis for 2nd January 2025NSE:CNXFINANCE Index closed near 23620 level and Maximum Call and Put Writing near CMP as below in January Month contract: Call Writing 24000 Strike – 0.61 Lakh 23500 Strike – 0.54 Lakh 23600 Strike – 0.39 Lakh Put Writing 23500 Strike – 0.73 Lakh 23600 Strike – 0.32 Lakh 23700 Strike – 0.31 Lakh Index has resistance near 23700 - 23750 range and if index crosses and sustains above this level then may reach near 23850 - 23900 range. Index has immediate support near 23450 – 23400 range and if this support is broken then index may tank near 23250 – 23200 range.
NSE:CNXFINANCELong
by RKMAURYA