BankNifty Intraday Support & Resistance Levels for 24.10.2024

Oct 23

On Wednesday, BankNifty opened with a 139-point gap down, making a low of 51,107.90. It bounced back, reaching a high of 51,551.55 (almost hitting the 15m Supply Zone) but couldn't sustain and closed at 51,239, losing 18 points from the previous close. BankNifty has closed inside the 125m Demand Zone for the second consecutive day. If the 51,000 level holds, we may see a bounce. However, if BankNifty breaks below 51,000 with volume and sustains, further downside till 49,959 or lower is possible. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways.

BankNifty Demand/Support Zones for 24.10.2024:
Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 (current price inside the zone)
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support: 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40

BankNifty Supply/Resistance Zones for 24.10.2024:
Near Supply/Resistance Zone (15m): 51,559.35 - 51,678.85
Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30
Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50
Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25
Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10
Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70