Nifty Financial Services Index, you can follow this approach:
Support Levels Recent Lows: Identify significant low points over the past few weeks or months. For example, if FINNIFTY recently dropped to around 18,500, that could be a support level. Moving Averages: Check the 50-day and 200-day moving averages, which can act as dynamic support levels. Previous Support Areas: Historical price levels where the index has bounced back can also indicate support. Resistance Levels Recent Highs: Determine the highest points in recent trading sessions. If FINNIFTY peaked at around 19,000, that might serve as a resistance level. Trend Lines: Draw trend lines across recent highs to visualize potential resistance areas. Psychological Levels: Round numbers, like 19,000 or 19,500, often act as resistance. Example Analysis (Hypothetical) Support Level: 18,500 (recent low) Resistance Level: 19,000 (recent high)
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