Nifty 50 Technical Analysis - 15th March 2024 Santu Saha

Nifty 50 Technical Analysis - 15th March 2024

## Market Overview

Let's examine the key support and resistance levels for Nifty 50 based on recent market movements.

### Support Levels

**1. Support Levels: 22,100**
- Initial support level holding firm.
- Further support at 21,800.
- A breach below 22,100 may lead to a downside move towards 21,900.

### Resistance Levels

**1. Resistance Levels: 22,231**
- Immediate resistance level to watch.
- Significant resistance at 22,400.
- A breakout above 22,231 could trigger an upside movement, targeting the next resistance at 22,400.

### Technical Insights

#### Support Zone Analysis

The support zone between 22,100 and 21,800 remains critical for sustaining the current bullish sentiment. A breakdown below 22,100 might signal increased selling pressure, potentially pushing the index towards 21,900.

#### Resistance Zone Analysis

Breaking above the resistance at 22,231 is essential for further bullish momentum. Traders should monitor price action around this level, as a decisive move above 22,231 could pave the way for a rally towards 22,400.

### Trading Recommendation

Traders are advised to closely monitor price movements around the support and resistance levels. A breach below 22,100 could indicate a bearish bias, while a breakout above 22,231 might signal renewed bullish momentum towards 22,400.

### Disclaimer: Exercise Caution

Given the current market conditions, it's crucial to trade with caution and implement effective risk management strategies.

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