BankNifty Intraday Support & Resistance Levels for 19.08.2024
On Friday, BankNifty opened with a gap up and sustained its bullish momentum throughout the day, closing at 50516.90 with a gain of 789 points. The nearest resistance is at 50750; a breakout with volume above this level could potentially lead to a rally towards the 125m Supply zone at 51310, which also aligns with the 61.8% Fibonacci retracement level. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Near Demand/Support Zone (30m): 49806 - 50017
Far Support Level: 49660 (Double bottom on Daily Chart)
Far Support Level: 48858 (61.8% FIBO Retracement level of the rally from 46078)
Resistance Levels:
Near Resistance Level: 50750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Support Levels:
Near Demand/Support Zone (30m): 49806 - 50017
Far Support Level: 49660 (Double bottom on Daily Chart)
Far Support Level: 48858 (61.8% FIBO Retracement level of the rally from 46078)
Resistance Levels:
Near Resistance Level: 50750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
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