The simple definition of Support -
The price level which, historically, a stock has had difficulty falling below. It is thought of as the level at which a lot of buyers tend to enter the stock. ~ Investopedia.com
I have always approached Technical Analysis from behavioral perspective. Market participants do stuff that works. In Bull markets - traders love buying at levels from where stocks are likely to bounce. Let's take the case of ICICI Bank stock
Here's ICICI Bank stock daily chart
What is one simple observation you can make looking at the chart...no complex stuff. Look at the number of times, ICICI Bank stock has bounced from 283 in last 12 months. That's what support means. The above chart is a classic text book example of Technical support.
I did cover ICICI Bank right when it was at 283 in this video.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers