Nifty Intraday Support & Resistance Levels for 14.11.2024
On Wednesday, Nifty opened with a gap down and, driven by heavy selling in major stocks, dropped to a low of 23,509.60, entering the key Daily Demand Zone mentioned in the previous post. It closed at 23,559.05, down 324 points. The Weekly Trend (50 SMA) is sideways, while the Daily Trend (50 SMA) remains negative.
However, since Nifty has entered and closed within the Daily Demand Zone, if this support holds, we could see some bullish momentum toward the 23,900–24,250 range. It’s worth noting that Nifty has already corrected 2,767.75 points from the high of 26,277.35, marking a 10% drop from the peak.
Demand/Support Zones
Key Support (Daily): 23,350 - 23,667.10 (current price within this zone)
Far Support: 23,189.88 (61.8% FIBO)
Extended Support (Daily): 22,642.60 - 22,910.15
Supply/Resistance Zones
Immediate Resistance (30m): 23,908.65 - 23,992.50
Higher Resistance (75m): 24,106.90 - 24,242.00
Extended Resistance (75m): 24,447.65 - 24,537.60
Key Resistance (75m): 24,636.75 - 24,741.45
However, since Nifty has entered and closed within the Daily Demand Zone, if this support holds, we could see some bullish momentum toward the 23,900–24,250 range. It’s worth noting that Nifty has already corrected 2,767.75 points from the high of 26,277.35, marking a 10% drop from the peak.
Demand/Support Zones
Key Support (Daily): 23,350 - 23,667.10 (current price within this zone)
Far Support: 23,189.88 (61.8% FIBO)
Extended Support (Daily): 22,642.60 - 22,910.15
Supply/Resistance Zones
Immediate Resistance (30m): 23,908.65 - 23,992.50
Higher Resistance (75m): 24,106.90 - 24,242.00
Extended Resistance (75m): 24,447.65 - 24,537.60
Key Resistance (75m): 24,636.75 - 24,741.45
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