Nifty 50 Support and Resistance Levels for July 22, 2024

21. Juli 2024

Nifty 50 Support and Resistance Levels for July 22, 2024

Support Levels:
- 24400: This is a critical support level. If the market breaks below this level, it may indicate further downside potential.
- 24300: If 24400 is breached, watch for potential support around 24300. A bounce from this level could signal a temporary reversal.

Resistance Levels:
- 24500: If the market opens below this level, it will act as the first resistance. Nifty needs to sustain above 24500 for any bullish momentum.
- 24650: This is a significant resistance level. If Nifty manages to break above 24650 decisively, it could indicate a continuation of the uptrend.

Market Analysis:
- Bearish Scenario: If Nifty opens below 24500, expect initial resistance around 24500. Further resistance could be encountered near 24600. Downside support lies at 24400 and 24300.

- Bullish Scenario: A gap-up opening could face resistance at 24650. To sustain a bullish momentum, Nifty must hold above 24500. Support levels to watch are 24400 and 24300 in case of a pullback.

Trading Strategy:
- Long Positions: Consider long positions if Nifty breaks and holds above 24500, targeting 24650 with a stop-loss below 24400.
- Short Positions: Short trades could be initiated if Nifty fails to sustain above 24500, targeting 24400 initially, with further downside potential towards 24300.

Conclusion:
- Nifty 50 is currently at a pivotal juncture with key support at 24400 and resistance at 24500 and 24650. Traders should monitor the market's reaction at these levels to determine the next directional move.

This analysis is for informational purposes only and does not constitute financial advice. Traders are advised to conduct their own research and consider their risk tolerance before making any trading decisions.