BankNifty Intraday Support & Resistance Levels for 29.10.2024
On Monday, BankNifty opened with a gap up, reaching a high of 51,589.15, testing the 75m Supply Zone mentioned in the previous post. Selling pressure from this supply zone caused it to drop nearly 400 points, closing at 51,259.30, still up 471 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways. The demand and supply zones are unchanged.
Demand/Support Zones:
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support at 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones:
Near Supply/Resistance Zone (75m): 51,411.30 - 51,781.55 (tested on Monday)
Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50
Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
Demand/Support Zones:
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support at 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones:
Near Supply/Resistance Zone (75m): 51,411.30 - 51,781.55 (tested on Monday)
Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50
Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
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