BankNifty Intraday Support & Resistance Levels for 12.08.2024
On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support: 48858 (61.8% FIBO Retracement level)
Resistance Levels:
Near Resistance Level: 51750 (High of 5th August)
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support: 48858 (61.8% FIBO Retracement level)
Resistance Levels:
Near Resistance Level: 51750 (High of 5th August)
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note
The horizontal line at 50750 is actually 5th August High & not 5th June High. Sorry for the Typo.
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