BankNifty Intraday Support & Resistance Levels for 23.08.2024
On Thursday, BankNifty opened with a gap up, reaching a high of 51080 before closing at 50985.70. Despite breaking through the 75m supply zone mentioned in the last post, BankNifty still ended the day within that zone. The weekly trend (50 SMA) remains positive, and the daily trend (50 SMA) has turned sideways.
Support Levels:
Near Demand/Support Zone (30m): 50393 - 50507
Far Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797
Far Support Level: 49660 (Double bottom on Daily Chart)
Resistance Levels:
Near Small Supply/Resistance Zone (75m): 50915 - 51018 (current price is inside the zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
Support Levels:
Near Demand/Support Zone (30m): 50393 - 50507
Far Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797
Far Support Level: 49660 (Double bottom on Daily Chart)
Resistance Levels:
Near Small Supply/Resistance Zone (75m): 50915 - 51018 (current price is inside the zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
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