BankNifty Intraday Support & Resistance Levels for 18.10.2024
On Thursday, BankNifty opened with a gap up, hit a high of 51,930.20, and then dropped over 750 points to a low of 51,150.25. It closed at 51,288.80, losing 512 points from the previous close. Despite entering the 125m Demand Zone (51,005.85 - 51,246.50) mentioned earlier, the Daily trend remains bearish. If BankNifty breaks below the 51,000 level with volume and sustains, a further drop toward 49,959 or lower could be on the horizon. The Weekly Trend (50 SMA) is still positive, but the Daily Trend (50 SMA) is negative.
BankNifty Demand/Support Zones for 18.10.2024:
Near Demand/Support Zone (125m): 51,005.85 - 51,246.50 (Tested on Thursday)
Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far support: 49,282.65 (61.8% FIBO Level)
BankNifty Supply/Resistance Zones for 18.10.2024:
Near Supply/Resistance Zone (125m): 51,767.30 - 52,031.60
Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35
Far Supply/Resistance Zone (15m): 52,417.40 - 52,562.70
Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.
BankNifty Demand/Support Zones for 18.10.2024:
Near Demand/Support Zone (125m): 51,005.85 - 51,246.50 (Tested on Thursday)
Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far support: 49,282.65 (61.8% FIBO Level)
BankNifty Supply/Resistance Zones for 18.10.2024:
Near Supply/Resistance Zone (125m): 51,767.30 - 52,031.60
Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35
Far Supply/Resistance Zone (15m): 52,417.40 - 52,562.70
Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.
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.