BankNifty Intraday Support & Resistance Levels for 26.08.2024
On Friday, BankNifty reached a high of 51117.85 but retraced to close at 50933.45. Despite breaking above the 75m supply zone, BankNifty closed inside the zone. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. The demand and supply zones are unchanged from the previous post.
Support Levels:
Near Demand/Support Zone (30m): 50393 - 50507
Near Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797
Far Support Level: 49660 (Double bottom on the daily chart)
Resistance Levels:
Near Small Supply/Resistance Zone (75m): 50915 - 51018 (current price is inside the zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
Support Levels:
Near Demand/Support Zone (30m): 50393 - 50507
Near Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797
Far Support Level: 49660 (Double bottom on the daily chart)
Resistance Levels:
Near Small Supply/Resistance Zone (75m): 50915 - 51018 (current price is inside the zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
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