BankNifty Intraday Support & Resistance Levels for 27.01.2025On Friday, BankNifty opened flat to negative and experienced a volatile session. It initially hit a low of 48,347.85, then rallied to the day’s high of 48,858.65 before declining sharply to a new low of 48,203 by the end of the day. The index closed at 48,367.80, losing 221 points compared to the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Minor Demand/Support Zone (5m): 48,074.05 - 48,171.10
Far Support Zone: 46,077.85 (low from 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested multiple times)
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (inside the Daily supply zone)
Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (inside the Weekly supply zone)
Outlook
This marks the third consecutive week that BankNifty has closed below the crucial June 2024 election week closing levels, indicating persistent selling pressure. Unless BankNifty finds support in the 47,800–48,000 zone, further downside could unfold in the coming days.
However, a breakout above 49,000 and sustained trading in that range could trigger a bullish move, targeting the 50,000–50,500 zone.
With the Union Budget 2025 approaching, heightened volatility is expected. Trade cautiously and keep an eye on key levels!
Bankniftysupportresistance
BankNifty Intraday Support & Resistance Levels for 24.01.2025On Thursday, BankNifty saw a subdued session, opening flat to positive but struggling to sustain higher levels. It made a low of 48,493 during the first 30 minutes, rallied to a day high of 48,892.70, and then traded sideways for most of the session. As the day ended, it dipped near the day’s low and closed at 48,589, losing 135 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Minor Demand/Support Zone (5m): 48,074.05 - 48,171.10
Far Support: 46,077.85 (Low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested multiple times)
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (inside the Daily supply zone)
Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (inside the Weekly supply zone)
Outlook
BankNifty continues to struggle around the 48,500 levels, indicating a lack of strong buying momentum. However, the 48,000 - 48,100 demand zone might provide support in the short term. On the upside, resistance around 49,200 - 49,800 needs to be breached for any sustained rally.
BankNifty Intraday Support & Resistance Levels for 23.01.2025On Wednesday, BankNifty showed resilience, opening on a positive note but dipping to a low of 48,074.05, breaking below the 125m Demand Zone and entering the Far 30m Demand Zone. From there, it rallied strongly during the final trading hour, touching a high of 48,781.75 before closing at 48,724.40, gaining 153 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative.
Demand/Support Zones
Near Demand/Support Zone (30m): 47,950.15 - 48,117.75 (tested)
Far Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested)
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Outlook
BankNifty's rally from the 30m Demand Zone highlights robust support around 47,950 - 48,100. On the upside, the 49,200 - 49,400 range presents significant resistance, with further barriers near 49,800 - 50,000. A breakout above these levels could open doors to 50,900+.
BankNifty Intraday Support & Resistance Levels for 22.01.2025Tuesday's session saw extreme volatility, with BankNifty opening positive and made day high of 49,543.15. However, it faced heavy selling pressure, dropping to 48,692, followed by a bounce to 49,280.70, and finally sliding to a day low of 48,430.95, entering the 125m Demand Zone. It closed at 48,570.90, losing 780 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative.
Demand/Support Zones
Near Demand/Support Zone (125m): 48,375.60 - 48,610.10 (current price inside the zone)
Far Demand/Support Zone (30m): 47,950.15 - 48,117.75
Far Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested)
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Outlook
BankNifty is currently in the 125m Demand Zone (48,375.60 - 48,610.10), which could offer support. If this zone holds, we may see a bounce. However, a break below could lead to further downside.
BankNifty Intraday Support & Resistance Levels for 21.01.2025On Monday, BankNifty opened gap-up, dipped to a low of 48,683.60, and rallied to a high of 49,650.60, once again entering the Daily Supply Zone. It closed at 49,350.80, gaining a robust 810 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is still negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 48,950.10 - 49,064.80
Near Demand/Support Zone (125m): 48,375.60 - 48,610.10
Far Demand/Support Zone (15m): 47,950.15 - 48,117.75
Far Support Level: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (current price inside this zone)
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Outlook
BankNifty found support near 48,300 and has once again entered the Daily Supply Zone (49,230.15 - 50,447.60). If the 15m Demand Zone (48,950.10 - 49,064.80) remains unbroken, we could witness a rally toward 49,750 or even 50,000 in the upcoming sessions.
BankNifty Intraday Support & Resistance Levels for 20.01.2025On Friday, BankNifty opened gap-down, touched a high of 49,047.20, and dropped sharply to a low of 48,309.50. It ended the day at 48,540.60, losing a significant 738 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 47,950.15 - 48,117.75
Near Support Level: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,278.70 - 49,389.95
Near Supply/Resistance Zone (15m): 49,492.15 - 49,557.35
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested)
BankNifty Intraday Support & Resistance Levels for 17.01.2025On Thursday, BankNifty opened with a huge gap-up at 49,082.90, made a low of 49,038.45, and surged to a high of 49,459, entering the Daily Supply Zone (49,230.15 - 50,447.60). It eventually closed at 49,278.70, gaining an impressive 527 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is still negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 47,950.15 - 48,117.75
Near Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,492.15 - 49,557.35
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Outlook
BankNifty entered the Daily Supply Zone, and with the trend remaining negative, caution is advised when going long at these levels unless there is a decisive breakout above the supply zone.
BankNifty Intraday Support & Resistance Levels for 16.01.2025On Wednesday, BankNifty opened gap-up, hitting a high of 49,083.65 early in the session. However, it faced selling pressure and dropped to a low of 48,522.40 before recovering slightly to close at 48,751.70, gaining a modest 22 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 47,950.15 - 48,117.75
Near Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,175.30 - 49,358.15
Near Supply/Resistance Zone (15m): 49,492.15 - 49,557.35
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Outlook
BankNifty continues to face resistance at higher levels. But, if the 15m demand zone remains intact, it could test 49,400 or even 49,800 in the coming sessions. However, sustained selling could pull it towards the lower supports.
BankNifty Intraday Support & Resistance Levels for 15.01.2025On Tuesday, BankNifty opened gap-up as expected, made a low of 48,235.20, and rallied to a high of 49,007.35 during the session. It closed at 48,729.15, gaining an impressive 688 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 47,950.15 - 48,117.75
Near Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,175.30 - 49,358.15
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Outlook
If BankNifty sustains 15m Demand zone, it could test 49,200 in the coming sessions.
BankNifty Intraday Support & Resistance Levels for 14.01.2025On Monday, BankNifty opened with a gap-down, reaching a high of 48,606.35 before falling to a low of 47,898.35. It closed at 48,041.25, losing 693 points compared to the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative.
Demand/Support Zones
Near Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (30m): 48,640 - 48,793.75
Near Supply/Resistance Zone (15m): 49,175.30 - 49,358.15
Far Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Far Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Outlook
BankNifty is currently oversold on lower timeframes (60m, 75m). A bounce-back may occur if it sustains above the 48,000 level. However, resistance at higher levels could limit significant upward movement.
BankNifty Intraday Support & Resistance Levels for 13.01.2025On Friday, BankNifty opened gap-down and witnessed a highly volatile session. It recorded a high of 49,483.15 and a low of 48,631.20, breaking below the critical 61.8% FIBO level at 49,282. Eventually, it closed at 48,734.15, losing a substantial 769 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Support Level: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 49,173.80 - 49,359.35
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Outlook
Friday's close below the 61.8% FIBO level at 49,282 raises concerns for the bulls.
BankNifty Intraday Support & Resistance Levels for 10.01.2025On Thursday, BankNifty opened with a gap-down, briefly tested a high of 49,798.10, and dropped to a low of 49,230.15, aligning with the FIBO 61.8% level at 49,283. A minor recovery followed, and it closed at 49,503.50, losing 331 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative, reinforcing bearish sentiment.
Demand/Support Zones
Near Support Level: 49,282.64 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 50,043.35 - 50,246.90
Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55
Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Outlook
BankNifty tested critical support at the 61.8% FIBO level, highlighting this as a pivotal zone. Further downside could push it into the 44,633 zone, while if it sustains we may see up move till 50600.
BankNifty Intraday Support & Resistance Levels for 07.01.2025On Monday, BankNifty witnessed a sharp sell-off. After opening flat and reaching a high of 51,026.10, the index nosedived over 1,200 points to a low of 49,751, breaking all near-demand zones. It closed at 49,922, down by a significant 1,066 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Support Level: 49,282.64 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55
Near Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10
Outlook
The relentless selling pressure has pushed BankNifty closer to critical support levels, with 49,282.64 being the next key zone to watch. Recovery attempts could face resistance near the 50,618 zone, while the broader trend remains bearish.
BankNifty Intraday Support & Resistance Levels for 06.01.2025On Friday, BankNifty opened flat to negative, reaching a high of 51,671.60 before facing intense selling pressure. The index failed to hold at the 15-minute demand zone, dropping sharply to a low of 50,904.35. It eventually closed at 50,988.80, losing 616 points over the previous close. The Weekly Trend (50 SMA) is sideways, while the Daily Trend (50 SMA) remains negative.
Demand/Support Zones
Near Minor Demand/Support Zone (15m): 50,800.50 - 50,890
Near Demand/Support Zone (15m): 50,485.05 - 50,629.65
Far Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
BankNifty Intraday Support & Resistance Levels for 03.01.2025On Thursday, BankNifty opened on a positive note, found support at 50,992.80, and staged a strong rally to the day’s high of 51,672.75. It closed at 51,605.55, gaining an impressive 545 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 51,268.25 - 51,370.55
Far Demand/Support Zone (15m): 50,800.50 - 50,890
Far Demand/Support Zone (15m): 50,485.05 - 50,629.65
Far Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
BankNifty Intraday Support & Resistance Levels for 02.01.2025On Wednesday, BankNifty opened flat to negative, dipping to a low of 50,485.05 before finding strong bullish support and rallying to a high of 51,321.95. It closed at 51,060.60, gaining 200 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 50,800.50 - 50,890
Near Demand/Support Zone (15m): 50,485.05 - 50,629.65
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
BankNifty Intraday Support & Resistance Levels for 01.01.2025On Tuesday, BankNifty opened gap-down, reaching a low of 50,599.80 and a high of 50,945.55. It traded within a narrow range throughout the session and closed at 50,860.20, losing 92 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (current price within the zone)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
BankNifty continues to stay under selling pressure, with the current price hovering within the daily demand zone. A decisive break below 49,787 could signal further downside.
✨ Wishing everyone a Happy and Prosperous New Year 2025! ✨
BankNifty Intraday Support & Resistance Levels for 31.12.2024On Monday, BankNifty opened on a negative note but found support near 51,170, rallying to a day high of 51,979.75, falling just 30 points short of entering the 125-minute supply zone. However, strong selling pressure caused a sharp drop of over 1,200 points to the day's low of 50,718.35, entering the 15-minute demand zone, which aligns with the tested daily demand zone. It closed at 50,952.75, losing 358 points compared to the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 51,767.65 - 51,937.05
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
BankNifty's rejection near the supply zone underscores the dominance of selling pressure. The tested demand zone at 50,983.50 offers strong support, but a failure to sustain here could lead to further downside.
BankNifty Intraday Support & Resistance Levels for 30.12.2024On Friday, BankNifty opened gap-up, touched a high of 51,628.45, and dropped to a low of 51,240.10 before recovering slightly to close at 51,311.30, gaining 140 points over the previous close. The Weekly Trend (50 SMA) continues to remain sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 50,688 - 50,909
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
BankNifty’s move within a narrow range highlights a tug-of-war between buyers and sellers. If it manages to break above the 125m resistance zone of 52,010.65 - 52,368.30, we might see further bullish momentum. On the downside, the demand zone at 50,688 - 50,909 will play a critical role in providing support.
BankNifty Intraday Support & Resistance Levels for 27.12.2024On Thursday, BankNifty opened gap-up, climbing to a high of 51,740 before facing resistance and dipping to a low of 50,951.80. It closed the session at 51,170.70, losing 62 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 50,688 - 50,909
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
BankNifty Intraday Support & Resistance Levels for 26.12.2024On Tuesday, BankNifty opened flat and made a high of 51,382.10 and a low of 51,137.50 within the first half hour. For the rest of the session, it remained range-bound. It closed at 51,233, losing 84 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 50,688 - 50,909
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
BankNifty Intraday Support & Resistance Levels for 24.12.2024On Monday, BankNifty opened with a gap-up, touching a low of 51,030.40 before climbing to a high of 51,417.35. It closed positively at 51,317.60, gaining 558 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 50,688 - 50,909
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
As expected, BankNifty showed bullish momentum after entering the Daily Demand Zone on Friday and its oversold condition. If the Daily Demand Zone support holds, we may witness further upside movement toward 52,000 or even 52,700 in the coming days.
BankNifty Intraday Support & Resistance Levels for 23.12.2024On Friday, BankNifty opened with a gap-down, climbing to a high of 51,629 before plummeting nearly 1,000 points to a day low of 50,609.35, entering the Daily Demand Zone. It closed negative for the 4th straight session at 50,759.20, losing 816 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has turned negative.
Demand/Support Zones
Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (current price inside the zone)
Far Support Level: 49,282.64 (61.8% FIBO retracement)
Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
Outlook
After shedding almost 3,000 points in the past week, BankNifty has entered an oversold zone on the 75m timeframe and closed inside the Daily Demand Zone. A bounce-back is possible unless this critical zone is breached.