BankNifty Support & Resistance Levels for 23.05.2024
Updated
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
Note
New Support Zone for BankNify @ 48128 - 48205 (Intraday Only)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.