Support and Resistance of Nifty Daily

il y a 7 jours

1. The Nifty is trading at important support. It was a breakout zone after selling on 4 June 2024, the General election Result day. After that breakout, the Nifty has given almost a 12% up move.
   

1. After the Breakout of the 23250 zone, 24800 was acting as Resistance and from that zone nifty has given an up-move of 5%.
   

1. 24800 was acting as strong support until October 2024. After the breakdown of the same zone, it was super strong Resistance.
   

1. 23900 was acting as support after that breakdown, but it was taken out and tested at the level of 23250 and immediately bounced back from the same level.
   

1. Now nifty is trading at around the same level, If it acts as support then nifty can bounce back from the same level. Or a Breakdown can lead to a correction.
   

1. For learning purposes only.