The CMP (Current Market Price) for the Nifty 50 Index is currently 19,564.50. The index is performing well in the near and short term, as evidenced by the most recent closure at a new all-time high, which shows a positive trend on the charts.
There are two crucial levels to be aware of. The first level, which should be regarded as a strict stop loss for short-term bets, is at 19,436. All bullish swing traders must adhere to a strict stop loss at the second level of 19,150.
A close below 19,436 is a breakdown in the near term, indicating a negative trend in the short run. Around 19,150 is where the next support level would be. Short-term bearish trades would be activated if the index closed below 19,150; additional support is anticipated at 18,900 and 18,500.
However, if the index keeps setting new records, the expected resistance levels would be between 20,136 and 20,181. These levels might serve as obstacles to the index’s continued ascent. By using these levels as a guide, traders may control their risks and make wise trading decisions by being aware of necessary support and resistance levels.
The CMP (Current Market Price) for the Nifty Bank is 44,819.30. The index’s short-term trend is bullish, indicating the market is in a good mood. Strong support is anticipated near the level of 44,500, and it is advised that all bullish bets be treated with this level as a severe stop loss.
The following support levels to watch for are 44,225 and 43,800 if the index closes below 44,500. The 43,850 to 43,610 price range is the ideal buying zone for swing traders seeking buying opportunities. This sector offers an advantageous entry point for traders looking to capitalize on anticipated higher price swings.
On the other hand, the bulls would show substantial strength if the index closed over 45,150. The following resistance levels in this situation would be 45,650, 45,900, and 46,325. Potential obstacles to the index’s continued ascent may exist at these levels. It is crucial for traders to carefully watch the price action and modify their trading plans as necessary.
