Nifty 50 Technical Analysis - 29th February 2024

28 feb

Nifty 50 Technical Analysis - 29th February 2024

## Overview

Nifty 50 has demonstrated remarkable alignment with previously identified support and resistance levels, providing valuable insights for traders. Let's delve into the levels for tomorrow's session.

### Support Levels

**1. Support Level 1: 21,900**
- A foundational support level that may influence market dynamics if approached.
**2. Support Level 2: 21,926 (Immediate)**
- An immediate support level that, if market opens above, could set the tone for the session.
**3. Support Level 3: 21,732**
- A secondary support level that traders should monitor, offering potential levels for entry.

### Resistance Levels

**1. Resistance Level 1: 22,100**
- A key resistance level that the market needs to overcome for sustained upward movement.
**2. Resistance Level 2: 22,240**
- A significant and volatile resistance level that may pose challenges to the bullish trend.

### Technical Insights

#### Support Level Analysis

Nifty 50's adherence to the support levels, especially around 21,900, has been notable. The immediate support at 21,926 will be crucial for setting the initial market sentiment.

#### Resistance Level Analysis

Resistance at 22,100 could be a strong and volatile point. Traders should closely observe how the market reacts in this zone, as it may dictate the overall trend.

### Conclusion

Nifty 50's recent movements reflect its responsiveness to identified support and resistance levels. Traders are advised to exercise caution and closely monitor the market around the critical support of 21,926 and the resistance at 22,100 for potential trading opportunities.