BankNifty Support & Resistance Levels for 23.05.2024
Yesterday, BankNifty reacted from the supply zone (48,213 - 48,458) mentioned in our previous post and dropped approximately 800 points from 48,200. It found support in the 47,346 - 47,542 zone and rebounded nearly 500 points from a low of 47,435. The daily trend (50 SMA) is sideways, but the 75-minute and hourly trends are negative.
An important level to watch is 47,877, which is the 61.8% retracement of the last swing. Any significant move with volume in either direction will likely determine the next trend in BankNifty.
Support Levels:
Near Support: 47,160 - 47,293
Previous Support: 47,346 - 47,542
Resistance Levels:
Major Resistance Zone: 48,213 - 48,458 (remains the same)
More Distant Resistance: 48,784 - 49,011
An important level to watch is 47,877, which is the 61.8% retracement of the last swing. Any significant move with volume in either direction will likely determine the next trend in BankNifty.
Support Levels:
Near Support: 47,160 - 47,293
Previous Support: 47,346 - 47,542
Resistance Levels:
Major Resistance Zone: 48,213 - 48,458 (remains the same)
More Distant Resistance: 48,784 - 49,011
Comment:
New Support Zone for BankNify @ 48128 - 48205 (Intraday Only)
