BankNifty broke the intraday supply zone (15m) yesterday, reaching a high of 50,233. However, due to selling pressure from the major resistance zone (Daily) mentioned in earlier posts, it could not sustain and close above the 50,000 mark. BankNifty closed near the 15m demand/support zone created yesterday. If this support holds, we might see fresh buying in BankNifty. The weekly trend (50 SMA) is positive, while the daily trend remains sideways.
Support/Demand Levels:
Near Support/Demand Zone (15m, Tested): 49,728 - 49,860
Far Small Support/Demand Zone (15m): 49,225 - 49,451
Far Support Zone (15m): 48,801 - 49,055
Resistance/Supply Levels:
Near Minor Supply/Resistance Zone (15m): 50,129 - 50,227
Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
Support/Demand Levels:
Near Support/Demand Zone (15m, Tested): 49,728 - 49,860
Far Small Support/Demand Zone (15m): 49,225 - 49,451
Far Support Zone (15m): 48,801 - 49,055
Resistance/Supply Levels:
Near Minor Supply/Resistance Zone (15m): 50,129 - 50,227
Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
