On Friday, BankNifty opened gap-down and witnessed a highly volatile session. It recorded a high of 49,483.15 and a low of 48,631.20, breaking below the critical 61.8% FIBO level at 49,282. Eventually, it closed at 48,734.15, losing a substantial 769 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones Near Support Level: 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): 49,173.80 - 49,359.35 Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60 Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Outlook Friday's close below the 61.8% FIBO level at 49,282 raises concerns for the bulls.
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