### Nifty 50 Support and Resistance Levels (03/01/2024):
#### Support Levels:
1. **Support Level 1:** 21,600
2. **Support Level 2:** 21,500
These support levels indicate crucial zones where Nifty 50 might find buying interest and potential reversals if the market experiences a decline.
#### Upside Resistance Levels:
1. **Resistance Level 1:** 21,700
- This level might act as the initial barrier for upward movement.
2. **Resistance Level 2:** 21,750
- 21,750 is seen as a significant resistance point. Breaking above this level could be challenging.
### Technical Analysis Insights:
- **Support Zones:** 21,600 and 21,500 are key areas where buying interest might increase, potentially halting further downside movement.
- **Resistance Zones:** 21,700 and 21,750 are anticipated to be crucial levels where selling pressure might escalate, limiting immediate upward movements.
- **Critical Level:** If Nifty 50 breaks below the 21,500 level and sustains trade below it, it could indicate increased bearish sentiment and potentially trigger further downside movement in the index.
#### Support Levels:
1. **Support Level 1:** 21,600
2. **Support Level 2:** 21,500
These support levels indicate crucial zones where Nifty 50 might find buying interest and potential reversals if the market experiences a decline.
#### Upside Resistance Levels:
1. **Resistance Level 1:** 21,700
- This level might act as the initial barrier for upward movement.
2. **Resistance Level 2:** 21,750
- 21,750 is seen as a significant resistance point. Breaking above this level could be challenging.
### Technical Analysis Insights:
- **Support Zones:** 21,600 and 21,500 are key areas where buying interest might increase, potentially halting further downside movement.
- **Resistance Zones:** 21,700 and 21,750 are anticipated to be crucial levels where selling pressure might escalate, limiting immediate upward movements.
- **Critical Level:** If Nifty 50 breaks below the 21,500 level and sustains trade below it, it could indicate increased bearish sentiment and potentially trigger further downside movement in the index.