Nifty 50 Support and Resistance Levels (08/02/2024)

7 feb 2024

Nifty 50 Support and Resistance Levels (08/02/2024):

#### Support Levels:
1. **Support Level 1:** 21,900
- If the market breaks below 21,900, it could lead to a potential downside movement.

2. **Support Level 2:** 21,730
- Another crucial support level. If breached, it might signal a fall to 21,600.

3. **Support Level 3:** 21,600
- A key support level where significant buying interest might emerge.

#### Resistance Levels:
1. **Resistance Level 1:** 22,100
- Currently, a significant resistance level. If the market opens gap-up between 22,000 to 21,900, it could act as a barrier.

### Technical Analysis Insights:

- **Support Levels:** 21,900, 21,730, and 21,600 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.

- **Resistance Level:** 22,100 is a significant barrier for the market in the upper side.

- **Downside Caution:** If the market breaks below 21,730, it might signal a potential downside move.

- **Upside Breakout Confirmation:** For a potential upside movement, Nifty 50 needs to break and sustain above 22,100. Confirmation above this level would strengthen the bullish case.