Nifty Support and Resistance levels 05Dec23
Support Levels:
1. 20509: This is the current support level. If the market experiences a decline, it could find support around this level.
2. 20183: Another support level to monitor. If Nifty breaks below 20183, it may indicate a potential move to the downside.
Resistance:
1. 20686: This is the resistance level. If the market opens gap up, 20686 could act as initial resistance. However, as you mentioned, there may not be significant resistance in the upper side if this level is surpassed.
Important Notes:
- As with any trading, it's essential to consider other factors such as news events, economic data, and global events that can influence the market.
- Market conditions can change rapidly, so having a well-defined trading strategy and using risk management tools, like stop-loss orders, is crucial to manage potential losses.
- Pay attention to price action and technical indicators to confirm potential breakouts and reversals.
1. 20509: This is the current support level. If the market experiences a decline, it could find support around this level.
2. 20183: Another support level to monitor. If Nifty breaks below 20183, it may indicate a potential move to the downside.
Resistance:
1. 20686: This is the resistance level. If the market opens gap up, 20686 could act as initial resistance. However, as you mentioned, there may not be significant resistance in the upper side if this level is surpassed.
Important Notes:
- As with any trading, it's essential to consider other factors such as news events, economic data, and global events that can influence the market.
- Market conditions can change rapidly, so having a well-defined trading strategy and using risk management tools, like stop-loss orders, is crucial to manage potential losses.
- Pay attention to price action and technical indicators to confirm potential breakouts and reversals.
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