Nifty 50 Technical Analysis - 4th March 2024

3 mars 2024

Nifty 50 Technical Analysis - 4th March 2024

## Overview

Nifty 50 is exhibiting interesting price dynamics with notable resistance and support levels. Let's delve into the key levels for the upcoming trading session.

### Resistance Zone

**1. Resistance Zone: 22,500**
- Presently acting as a significant resistance level.
- Market momentum may pick up if Nifty sustains above this level.

### Support Zone

**1. Support Zone: 22,400 - 22,200**
- Sideways movement can be expected within this range.
- Caution is advised for traders as premium decay might dominate in this zone.
**2. Critical Support: 22,200**
- A breach below 22,200 may lead to a potential fall towards 22,000.

### Technical Insights

#### Resistance Zone Analysis

The resistance at 22,500 is a crucial level to monitor. A sustained trade above this level could signal an extended upside move given the absence of significant resistance in the all-time high territory.

#### Support Zone Analysis

Traders should be cautious within the support zone of 22,400 - 22,200, as sideways movements might dominate. A breach below 22,200, however, could trigger a bearish move towards 22,000.

### Conclusion

Nifty 50's current technical setup emphasizes the importance of the 22,500 resistance and the 22,200 support. Traders are advised to navigate cautiously within the mentioned support zone and stay alert for potential breakouts.