Nifty Intraday Support & Resistance Levels for 08.08.2024

On Wednesday, Nifty opened gap up and entered the 30m Supply zone mentioned in the last post but did not break above it. Nifty stayed within a 150-point range and closed at 24297.50. The weekly trend (50 SMA) is positive, and the daily trend (50 SMA) is now sideways.

Support Levels:
Near Demand/Support Zone (75m): 23960 - 24077
Major Demand/Support Zone (Daily): 23350 - 23667

Resistance Levels:
Near Supply/Resistance Zone (30m): 24266 - 24348 (current price inside the zone)
Far Supply/Resistance Zone (30m): 24686 - 24745
Far Supply/Resistance Zone (75m): 24754 - 24835

Note: As of writing this, GIFTNIFTY is trading 180 points negative, indicating we might see a gap-down opening.