Nifty Support Resistance For 08/01/2023

5 Jan

**Support Levels (08/01/2024):**

1. **Primary Support: 21700**
- This is the initial support level. If the market opens above this level, it suggests potential strength.

2. **Secondary Support: 21600/21500**
- In case of a gap-up opening, 21600 and 21500 can act as additional support levels. These levels may provide downside support if there's a retracement.

**Resistance Levels (08/01/2024):**

1. **Primary Resistance: 21800**
- This is the identified resistance level on the upside. If the market approaches 21800, traders should be cautious and monitor for potential reversal signals or a breakout above this level.

**Trading Strategy (08/01/2024):**

- **Bullish Scenario (Market opens above 21700):**
- If the market opens above 21700, watch for sustained trading above this level.
- Consider potential upside trades, especially if the index continues to show strength and moves towards 21800.
- Monitor for any signs of overextension and set appropriate stop-loss levels.

- **Bearish Scenario (Market opens below 21700):**
- If the market opens below 21700, pay attention to how it reacts around 21600 and 21500.
- These support levels may act as a buffer against downside moves. If they hold, it could indicate ongoing support for the index.
- Be cautious if support levels are breached, and consider potential short trades if the downside momentum continues.