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.
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