BankNifty Intraday Support & Resistance Levels for 08.08.2024
On Wednesday, BankNifty opened gap up but did not enter the 15m Supply zone mentioned in the last post, so the near Supply zone remains the same. For the third consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone)
Far Support Level: 48858 (61.8% Fibonacci Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (15m): 50337 - 50530
Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 75m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note: As of writing this, GIFTNIFTY is trading 180 points negative, indicating we might see a gap-down opening.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone)
Far Support Level: 48858 (61.8% Fibonacci Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (15m): 50337 - 50530
Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 75m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note: As of writing this, GIFTNIFTY is trading 180 points negative, indicating we might see a gap-down opening.
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