Nifty Support & Resistance Levels for 13.05.2024

Nifty found support within the previously mentioned zone, prompting a modest rebound. However, caution prevails as the market appears to be adopting a "Sell on Rise" stance at present. The nearest resistance is expected between 22148 and 22187, with further resistance observed at 22244 to 22369. Meanwhile, the nearest support remains unchanged from the last post, ranging from 21850 to 21937. Additionally, a significant Fibonacci level at 61.8%, corresponding to 21770 (from the low of 21137 on 24.01.2024), serves as a far support level. Traders are advised to stay attentive to market movements amidst this cautious environment.