BankNifty Intraday Support & Resistance Levels for 31.12.2024
On Monday, BankNifty opened on a negative note but found support near 51,170, rallying to a day high of 51,979.75, falling just 30 points short of entering the 125-minute supply zone. However, strong selling pressure caused a sharp drop of over 1,200 points to the day's low of 50,718.35, entering the 15-minute demand zone, which aligns with the tested daily demand zone. It closed at 50,952.75, losing 358 points compared to the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
BankNifty's rejection near the supply zone underscores the dominance of selling pressure. The tested demand zone at 50,983.50 offers strong support, but a failure to sustain here could lead to further downside.
Demand/Support Zones
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
BankNifty's rejection near the supply zone underscores the dominance of selling pressure. The tested demand zone at 50,983.50 offers strong support, but a failure to sustain here could lead to further downside.
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