BEL : Key Support & Resistance Levels at Current Price of 286.90NSE:BEL : Key Support & Resistance Levels at Current Price of 286.90
As NSE:BEL trades around 286.90, it shows signs of weakness, and it's essential to focus on the following support and resistance levels for potential trading strategies:
Resistance Levels:
Immediate Resistance: 295 – This level may act as a barrier for upward movement.
Psychological Resistance: 300 – A significant psychological level that traders watch; a breakout above this could attract more buying interest.
Key Resistance: 307 – A crucial level for confirming bullish momentum; a strong close above here may indicate a sustained upward trend.
Support Levels:
Crucial Support: 285 – This key level may provide buying interest. A break below this could lead to further downside.
Stronger Support: 275 – Acts as backup support, offering a safety net for traders.
Lower Support: 267 – If tested, it would indicate significant selling pressure, warranting close attention.
Outlook: BEL appears to be weak at the moment. Holding below the 285 support could lead to further declines, potentially testing 275 and 267. A bounce back above 285 may provide a chance for a retest of 295, but caution is advised given the current weakness.
Disclaimer: I am not a SEBI Registered Research Analyst (RA). This analysis is for educational purposes only and should not be considered as investment advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
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