NIFTY Support and Resistance

그저께

For NIFTY (NSE Nifty 50), the support and resistance levels are typically determined using technical analysis. These levels represent key price points at which the index is likely to either reverse direction or experience a significant pause in its movement.

Since I do not have real-time data access, I'll guide you on how to determine 1-day (1D) support and resistance for NIFTY using common methods. You can apply these techniques using charting tools or financial platforms like TradingView, MetaTrader, or similar platforms that provide real-time market data.

1. Support Level:
Support is the price level at which the index tends to find buying interest, causing a potential price reversal or halt in a downward trend.
Support is formed at previous price lows or significant levels where NIFTY has bounced up in the past.
2. Resistance Level:
Resistance is the price level at which selling interest tends to emerge, preventing the price from moving higher and potentially causing a reversal or a slowdown in upward momentum.
Resistance is found at previous price highs or significant levels where NIFTY has previously struggled to break above.
Common Techniques to Identify Support and Resistance:
Pivot Points (for intraday trading):

Pivot points provide a mathematical calculation for predicting potential support and resistance levels for the day.
Key pivot levels are calculated based on the previous day's high, low, and close prices:
Pivot Point
=
High
+
Low
+
Close
3
Pivot Point=
3
High+Low+Close
​

First Resistance (R1) = (2 × Pivot Point) − Low
First Support (S1) = (2 × Pivot Point) − High
Second Resistance (R2) = Pivot Point + (High − Low)
Second Support (S2) = Pivot Point − (High − Low)
Fibonacci Retracement:

Fibonacci retracement levels are popular for identifying potential support and resistance zones. The key retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 100%.
To plot Fibonacci retracement, you identify the significant swing high and swing low on the chart and apply the Fibonacci tool. The retracement levels often coincide with important support and resistance zones.
Previous Highs and Lows:

Look at past price action, especially the previous day's high and low points. These are often the first areas of support and resistance.
Resistance is typically found near the previous day's high.
Support is usually near the previous day's low.
Trendlines:

Drawing trendlines on the chart connecting multiple highs and lows can help identify sloping support and resistance levels.
Uptrend support is drawn along the rising lows.
Downtrend resistance is drawn along the falling highs.