Nifty 50 Support and Resistance Levels (09/01/2024)

### Nifty 50 Support and Resistance Levels (09/01/2024):

#### Support Levels:
1. **Support Level 1:** 21,511 (if market opens gap-up)
2. **Support Level 2:** 21,450
3. **Support Level 3:** 21,300

These support levels indicate crucial areas where Nifty 50 might witness buying interest and potential reversals in case of a market gap-up opening.

#### Upside Resistance Levels:
1. **Resistance Level 1:** 21,580 to 21,600
- This level could act as the initial barrier for any potential upward movement.

2. **Resistance Level 2:** 21,700
- 21,700 is considered a significant resistance point, potentially limiting further upside movement.

### Technical Analysis Insights:

- **Support Zones:** 21,511 (gap-up open), 21,450, and 21,300 are critical areas where buying interest might emerge, potentially leading to a reversal or temporary halt in upward movement.

- **Resistance Zones:** 21,580 to 21,600 and 21,700 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements.

- **Breakdown Caution:** Breaking below 21,300 could signal increased bearish sentiment and possibly lead to further downside movement.