BankNifty Intraday Support & Resistance Levels for 16.01.2025
On Wednesday, BankNifty opened gap-up, hitting a high of 49,083.65 early in the session. However, it faced selling pressure and dropped to a low of 48,522.40 before recovering slightly to close at 48,751.70, gaining a modest 22 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 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): 49,175.30 - 49,358.15
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 continues to face resistance at higher levels. But, if the 15m demand zone remains intact, it could test 49,400 or even 49,800 in the coming sessions. However, sustained selling could pull it towards the lower supports.
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): 49,175.30 - 49,358.15
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 continues to face resistance at higher levels. But, if the 15m demand zone remains intact, it could test 49,400 or even 49,800 in the coming sessions. However, sustained selling could pull it towards the lower supports.
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