Important | Crucial Support for the Nifty 50 Index is seen at support zone of 16000 – 15500

The Nifty 50 Index of NSE has a very important and crucial support at the 16000 level or to be more specific has support at a very important support zone of 16000 – 15500 as per Technical Analysis. The chart displayed above is the Weekly chart of Nifty 50 Index. A few days back Nifty made a low of 16200 and bounced back higher. Nifty has not bounced from any support zone, because there was no support zone at 16200 on charts.

If in the next few days / weeks there is any negative news which takes the market / nifty down and the 16200 level breaks then we can expect nifty to take support at 16000 levels. Nifty can bounce from 16000 level or can go deep inside the zone of 16000 – 15500 before it bounces.

The support zone of 16000 – 15500 is a very important | crucial support zone on the Long term charts. We can expect nifty to bounce at least once from this zone and move higher. Let us hope this zone holds for the Long term because if this zone breaks due to any serious negative news then Nifty can go much lower.

Support for the Nifty 50 Index is seen at support zone of 16000 – 15500

The exact levels for support on the Nifty chart are as follows :
A Monthly and Weekly support zone on the Nifty chart is at 15962 – 15500
A support zone inside the Monthly and Weekly support zone on the daily chart of Nifty is at 15800 -15500

Immediate resistance on Nifty is seen at 16900 levels. The 200 day SMA (Simple Moving Average) stands at 16900. The Foreign Institutional Investors ( FII’s ) track the 200 day SMA very closely. According to FII’s if Nifty remains above the 200 day SMA then Nifty / market is bullish. If Nifty goes and remains below 200 day SMA the Nifty is bearish.

Currently Nifty is below the 200 day SMA so as per FII’s Nifty currently is bearish. The Nifty 50 Index closed on Monday 28th February 2022 at 16793. So the first immediate resistance on Nifty is seen at 16900. The Next resistance for Nifty after 16900 is at Resistance zone 17000 -17100.

Disclaimer: The above information is for education purpose only and is by no means any advise to buy or Sell

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