BankNifty Intraday Support & Resistance Levels for 04.09.2024

On Tuesday, BankNifty opened flat, dipped to a low of 51240 but quickly recovered, closing near the day's high at 51750.10. I clearly mentioned in the previous posts that, "if BankNifty sustains above 51316, we might see a rally to 51750 and beyond," which is exactly what happened. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. With GIFT NIFTY trading 200 points lower, a gap-down opening is possible today.

Support Levels:
Near Demand/Support Zone (75m): 51240 - 51433
Near Minor Demand/Support Zone (15m): 50984 - 51073
Far Demand/Support Zone (30m): 50663 - 50772
Far Demand/Support Zone (30m): 50393 - 50507
Far Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797

Resistance Levels:
Near Supply/Resistance Zone (30m): 52103 - 52340
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188