BankNifty Intraday Support & Resistance Levels for 24.07.2024

On Tuesday, during a highly volatile budget session trading day, BankNifty opened gap up inside the 15m supply zone mentioned in the last post and fell 1200 points, making a day low of 51342.65. It re-entered the Daily Demand zone but did not break the bottom of the zone, closing inside with a 502-point drop at 51178.30. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) is now sideways.

Support Levels:
Near Demand/Support Zone (Daily): 51138 - 51934
Minor Demand/Support Zone (15m): 50597 - 50825
Major Demand/Support Zone (Weekly): 49530 - 50253

Resistance Levels:
Near Supply/Resistance Zone (30m): 52559 - 52783
Far Supply/Resistance Zone (30m): 53064 - 53188
Major Supply/Resistance Zone (75m) for weekly trade: 52880 - 53187