BankNifty Intraday Support & Resistance Levels for 17.01.2025

On Thursday, BankNifty opened with a huge gap-up at 49,082.90, made a low of 49,038.45, and surged to a high of 49,459, entering the Daily Supply Zone (49,230.15 - 50,447.60). It eventually closed at 49,278.70, gaining an impressive 527 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is still negative.

Demand/Support Zones
Near Demand/Support Zone (15m): 47,950.15 - 48,117.75
Near Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40

Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,492.15 - 49,557.35
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30

Outlook
BankNifty entered the Daily Supply Zone, and with the trend remaining negative, caution is advised when going long at these levels unless there is a decisive breakout above the supply zone.