Nifty 50 Support and Resistance Levels (09/02/2024)

8 Feb

Nifty 50 Support and Resistance Levels (09/02/2024):

#### Support Levels:
1. **Support Level 1:** 21,600
- A significant support level. If the market breaks below 21,600, it might signal a potential downside move towards 21,300.

2. **Support Level 2:** 21,300
- A critical support level. A break below this level could lead to further downside movement.

#### Resistance Levels:
1. **Resistance Level 1:** 21,900
- A crucial resistance level. For an upside movement, Nifty 50 needs to trade above this level.

2. **Resistance Level 2:** 22,100
- A big resistance level. If the market trades between 21,900 to 21,700, it's advised to avoid trading until a clear breakout.

### Technical Analysis Insights:

- **Support Levels:** 21,600 and 21,300 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.

- **Resistance Levels:** 21,900 and 22,100 are key levels where selling pressure might intensify, limiting immediate upward movements.

- **Avoid Trading Zone:** If the market trades between 21,900 to 21,700, it's advised to avoid trading until a clear breakout occurs.