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Trading as per the support and resistance levels may be quite useful for intraday and Positional trading in stocks and index. Resistance is termed as the level where the stock generally gets some opposite force before it can go further up. A support is the level where a stock get buying interest before it can fall further. Under the normal market conditions or in the absence of some extremely panic news the support and the resistance levels can act as good levels for initiating the buying / selling. In general it’s advisable to buy the stocks at support levels and sell at the resistance levels. In Intraday trading there are few support and resistance levels known as Support1 Support2, Resistance1 Resistance2 etc.
The support and the resistance levels for Bank Nifty can be in color coded form can be seen in the table below.
Bank Nifty Levels for (29 july 2011)are as follow

Pivot Level = 10866 Support1 = 10773 Resistance1 = 10919 Support2 = 10719 Resistance2 = 11011 Support3 = 10627 Resistance3 = 11065

the basic formula’s used for calculating the support and resistance is:-
Pivot point (P) = (H + L + C) / 3
First resistance level (R1) = (2 * P) L
First support level (S1) = (2 * P) H
Second resistance level (R2) = P + (R1 S1)
Second support level (S2) = P (R1 S1)

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