(2) NIFTY & BANKNIFTY SPOT TREADING LEVELS FOR 07/10/2024

#Nifty Spot - Intraday #Gann Support/Resistance Levels:

- Resistance Levels: 
  - The first key resistance level is NEAR 25,055. If the price moves above this level, it suggests a potential upward momentum, indicating strength in the market. 
  - Should the upward movement continue, the next resistance levels to watch for are: 
    - 25,125 
    - 25,165 
    - 25,200 
    - 25,270 
    - 25,340 
  Each of these levels could act as a potential ceiling, where the price might pause or reverse. Keep an eye on these levels if the price breaks through the first resistance.

- Support Levels: 
  - On the downside, the first major support level is NEAR 24,985. If the price falls below this level, it could signal the start of downward momentum, indicating weakness in the market. 
  - If the downward movement continues, the next support levels to monitor are: 
    - 24,935 
    - 24,910 
    - 24,840 
    - 24,765 
    - 24,740 
  These levels could serve as potential floors, where the price might find support or bounce back. It’s crucial to watch these levels as the price approaches them.

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Note: 
These support and resistance levels are particularly effective for scalping strategies when aligned with both Price movements and Trend Change Timing. Traders can use these key levels to make more informed decisions, capitalizing on short-term price fluctuations.

#BankNifty Spot - Intraday #Gann Support/Resistance Levels:

- Support Levels: 
  - The first support levels to watch are NEAR 51,470 and 51,430. If the price falls below these levels, it indicates a potential shift toward a downward trend. However, if the price holds these levels, it suggests that the upward momentum may continue. 
  - If the downward trend persists, watch for the next support levels: 
    - 51,315 
    - 51,205 
    - 51,170 
    - 51,090 
    - 50,980 
    - 50,865 
  These levels could provide possible price rebounds or pauses during the decline. Traders should exercise caution when shorting at lower levels, especially if FNO (Futures and Options) data remains bullish, as there may be a risk of sudden reversals or upward movements.

- Resistance Levels: 
  - On the upside, the first resistance level to monitor is NEAR 51,655. If the price moves above this level, the upward momentum could strengthen. 
  - Additional resistance levels to watch if the price continues to rise include: 
    - 51,730 
    - 51,765 
    - 51,850 
    - 51,880 
    - 51,970 
    - 51,990 
  These levels may act as potential ceilings, where the price could face resistance and either consolidate or reverse.

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Note: 
These support and resistance levels are particularly effective for scalping strategies when aligned with both Price movements and Trend Change Timing. Traders can use these key levels to make more informed decisions, capitalizing on short-term price fluctuations.

taligram