Nifty future charts are very useful to find out exact areas of support as well as resistance over the daily chart. As charts are representation of historical data, it becomes very useful to see how markets have reacted earlier to those levels and depending on that reaction, history may repeat itself. Now see a level where nifty future previously found support on that daily chart, then check which was the level that proved to be a resistance, this is as simple as that. Now you have support and resistance from the historical charts (EOD chart), next you may use the technical analysis tools such as trend lines, price channels and Fibonacci retracement to get more support resistance zone. Here I prefer to use Fibonacci retracement levels, I my trading career I have mainly used this tool and my success rate was about 75% in a long run.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
how to find support & resistance level for short term or swing trade
Moreover you can compare the nse defty index as well, as this index is dollar weighted index for nifty. So you should check support resistance levels on the nse defty charts as well.
I have seen multiple trades using this strategy and nifty prediction of support and resistance at levels of nse defty is 100% successful so far for me.