Gift Nifty Support & ResistanceCurrent Context:
The last price shown on the chart is approximately 22,491.0.
The 50-period Exponential Moving Average (EMA 50) is at 23,142.2.
The Bollinger Bands (20, 2) show:
Upper Band: 23,999.4
Middle Band (SMA 20): 23,084.9
Lower Band: 22,170.4
Projected Resistance Levels:
Resistance 1: Located between approximately 23,767.5 and 24,000.0. This zone represents the first significant hurdle for an upward price movement. The Upper Bollinger Band (23,999.4) is also near the top of this range.
Resistance 2: Situated between approximately 24,783.0 and 25,000.0. This is the next major area where selling pressure might increase if the price breaks through Resistance 1.
Resistance 3: The highest resistance zone marked is between approximately 26,326.0 and 26,440.5. This level corresponds to the previous major highs seen on the chart around October/November 2024.
Projected Support Levels:
Sub Support 4: Around 22,504.0. This is the immediate minor support level just above the current price.
Sub Support 3: Around 22,745.0.
Sub Support 2: While not explicitly marked with a value line, it appears visually just below the 23,034.0 level.
Sub Support 1: Located between approximately 23,034.0 and 23,250.0. The Middle Bollinger Band (23,084.9) and the EMA 50 (23,142.2) fall within or very close to this range, potentially strengthening it as a support/resistance pivot area.
Support 1: A significant support zone marked between approximately 22,144.5 and 22,320.5. The Lower Bollinger Band (22,170.4) is near the bottom of this range.
Support 2: Marked near 21,947.0 (partially labelled "Support" on the chart). This represents a lower major support level.
In summary, the price is currently near Sub Support 4. Key areas to watch are the cluster of Sub Supports 1-3 and the moving averages above the current price, and the major Support 1 zone below. On the upside, Resistance 1 around 23,767.5-24,000 presents the first major challenge.
