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Using Support and Resistance Levels to time your trades on Fyers One

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Resistances & Supports are often used terms by traders during their market forecast using technical analysis. But what are they? Let me explain.

Support: It is the price which the perceived demand for the stock is high which may prevent the stock from falling. So when a stock has fallen to near its support levels it is likely that there will be demand from buyers. You could think of support levels as a floor. It is also important to note that sellers are less likely to sell if the stock price is trading near its support level for the same reason mentioned above. If the stock price holds the support level and prices go up, it proves that the bulls are in control and if it happens to break the support levels it means that there is an excess supply of stock due to selling pressure and bears are in control.

Resistance: Is the price range that owners of stocks perceive will not be breached. Think of it as a perceived ceiling which investors and traders think will not be breached in the foreseeable future. When a stock price approaches resistance levels, traders are less likely to buy as the upside potential seems limited because other traders who own the stock may start selling as the price point approaches to realize their profits.

Having said that, these support and resistance levels may not necessarily hold. If it came true all the time, stock markets would be a very predictable ball game for all traders. It involves some skill in determining:
• Which are the support and resistance levels
• Which are the important support and resistances
• What are the chances that they will hold

Technical analysis is an art of researching the demand and supply of stocks and to accurately forecast its future performance. So there is an element of uncertainty and variation in approaches. There are several ways of determining support and resistances of stocks. For instance, when there is a trading range in a stock, the lower end of the range is considered its support and the upper end is the resistance. There are several other ways of doing it. Here I will be explaining a more definite measure of support and resistances to help you use it efficiently for technical analysis and trading.

The calculation methodology uses the High, Low and Close price of the previous day to arrive at support and resistance for today. So the levels keep changing on a daily basis. In total there are 3 different ways of calculating Support and Resistances:
• Classic
• Woodie
• Camarilla

On Fyers One, we have used the Classic calculation methodology. If you want to use Woodie’s or Camarilla levels, we recommend you use pivot point calculator on our website. You can get all the support and resistance levels. They are:
• S1, S2, S3 & S4
• R1, R2, R3 & R4

Fyers One R&S 1

To access the tool, Click on “Tools” and select R and S Symbols Watch.

Fyers One R&S 2

You will arrive at this window which will filter stocks that have either breached their support or resistance levels. As you can see, that you can get to know:
• Resistance Level 1
• Support Level 1
• Resistance Level 2
• Support Level 2
• Pivot points

The bullish stocks which have breached resistance levels are displayed above and the colour codes are given accordingly. Whereas the stocks which have broken support levels are shown below the horizontal divider and similar bearish colour codes are given so that it is visually easy for traders to find out which stocks are most bullish and which are very bearish. In the above screenshot, you can see that the stocks are filtered from NIFTY 50 index and Adani Ports has breached R1 and R2 and is currently trading at 241.25. This Support and resistance feature makes life in trading much faster and efficient. Imagine how you would come to a bullish list of stocks within Nifty 50? It would become practically impossible for traders to identify this data manually. Even if you create a tool, it’s a hassle in comparison to the features you can get on our in-house platform. The advantage of such real-time data is very valuable for active intraday trading or a swing trader who understands that, Time is Money in our field.

Fyers One R&S 3

You can also select other indices through which you want to run these filters. In the previous screenshot, we took Nifty as an example but you could choose from over 30 indices like Bank Nifty, Nifty 100, Nifty Energy, Nifty FMCG, Nifty Infra etc.

Fyers One R&S 4

Another great feature is that you can get Support and Resistance levels for 3 different timeframes:
• Daily
• Weekly
• Monthly

This adds flexibility and versatility to your technical analysis of stocks as traders with longer timeframes can toggle between daily, weekly and monthly filters to further shortlist stocks and make more informed trading decisions.

Fyers One R&S 5

You can directly BUY or SELL from the Support and Resistance window itself. You don’t have to add stocks to your watch lists, close this window and then re-open watch lists to place an order. By using Fyers One, you can save those extra few moments which determine a good entry or exit price in a trade. All you have to do is:
• Press F1 to BUY
• Press F2 to SELL

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You can also get these levels on the technical charts if you click on the icon showed in the image above. The figures shown here will be the same as the ones you’ll see in the Support and Resistance window.

You get an order entry window through which you can complete your trade without wasting any precious time. At Fyers, we focus on giving traders that extra edge that can contribute to your trading success. Fyers One is a unique trading platform in India that includes many other features that intraday and positional traders will find extremely useful to make profits. Do let us know if you have any queries.

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

24 Comments

  • Avatar KV Rao says:

    Are only subscribers allowed to use your Charts?

    • Tejas Khoday Tejas Khoday says:

      As of now, all our clients can use FYERS One. If you are facing issues, you can get in touch with our support team to get the subscription re-activated.

  • Avatar Sanjay Sharma says:

    How are monthly support and resistance calculated and what is the duration of its applicability? Is it applicable for the whole calendar month or derivatives expiry month. Thank You.

  • Avatar Sanjay Sharma says:

    Please add R3 and S3 in Fyers Desktop application (In trend scanner and in R & S Symbols watchlist). That would be of great help. It is already available in Fyers Mobile app. Don’t know why not in desktop app? Thank you.

  • Avatar BGautham Pai says:

    Do I have to sell at r1or wait till r2 to sell in intraday? Are r3 or r4 used for more confirmation so that it is more suitable to sell at r4? What was ur experience in trading?
    2.i tried in intraday through fyers markets but was blocked due to illiquidityhow do I know which is illiquid?
    3.i want to know the latest stock which has breached resistance or support to time my entry well, how do I know which was the latest one? Since we get a table of stocks which has breached r1 or s1 but don’t know when it has?

  • Avatar Hemanta Chakraborty says:

    Hi, fyersone is a very advanced platform.
    Just for the suggestion. It would be great if you could add dual color moving averages (where we can select up and down in two different colors) in future. Some other trading platforms have this very useful features, but no so advanced like fyersone.

  • Avatar Delvi Raj says:

    Introduce r3 and r4

  • Avatar AMIT KUMAR PANDEY says:

    tejas sir do u also think that STT is very high in india?
    Can we Traders could do something?

    • Tejas Khoday Tejas Khoday says:

      I do think it is high & sort of unnecessary from a systemic perspective. It is a source of revenue for the government, proposals have been sent by industry bodies several times but to no avail. Also, online petitions signed by thousands of traders hasn’t had an impact so far.

  • Avatar Mahesh says:

    I am a newcomer in FYERSONE. While I was trading with the help of FYERSONE, I was facing 2 difficulties.

    1) If I want to draw a line in a particular point (price) in the chart, I am unable to do so as the price will only show if I press left mouse button. I will have to release the mouse button and will have to keep the point (price area) in my memory (which is almost not possible) to select horizontal line tool. once I pick Horizontal line from the tool, it won’t show the price.
    2) After drawing the line by my guess, when I try to move the line to the accurate price position, the price is not getting changed (Line indicator price). Because of this, it is impossible to draw the line with the accurate price.

    I have notified the same with your supporting team. Hope you will do the needful.

    You are doing a great job. The FYRESONE is far better than any other trading platform of its kind.

    All the best

    • Tejas Khoday Tejas Khoday says:

      Hi Mahesh, Thanks for your feedback. We have taken note of it and will make the necessary feedback at the earliest. Usually, traders use the zoom in feature for accuracy but we’ll try and change the way it works & thanks for appreciating us.

  • Avatar Ashat reversal king says:

    Genuinely good feature.. the way it is presented is good. Only thing, you shoulda had R3, R4, S3, S4.

    • Tejas Khoday Tejas Khoday says:

      Thanks for the feedback. We shall surely update it soon. By the way, we’re coming up with a mobile update this week and this feature has all support and resistance that you have mentioned. Suggest you download it “Fyers Markets”.

  • Avatar Trade Shiksha says:

    How about introducing camarilla levels instead of classic?

  • Avatar Raman Hegade says:

    How I ll get to know the next support and resistance level if it cross either?

  • Avatar Raju Thankachan says:

    Hello, please explain about pivot point and please tell me how I can use it for my analysis.

    • Tejas Khoday Tejas Khoday says:

      Raju, Pivot points can be used to gauge support and resistances for intraday and positional timeframes.
      In my experience, it works and is useful to time your entry or exits. So for instance, if a stock
      has broken R2 intraday, it is likely to go higher when momentum is high in the market. So you could go
      long on the stock. Likewise, if on some bad news, a stock breaks S2, in normal circumstances, it won’t
      bounce back and break R2. Even if it does, many times these levels hold for sometime. You can use it
      in several ways like this.

  • Avatar lakshmi prasaana says:

    Is it available for all stocks?

    • Tejas Khoday Tejas Khoday says:

      Hi, Yes you can get this for all stocks either on the Resistance & support tool
      or on the chart.

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