BankNifty Intraday Support & Resistance Levels for 22.08.2024

On Wednesday, BankNifty opened with a gap down but found support at the 30m Demand Zone mentioned in the last post, rallying to a day high of 50772.45 before closing at 50685.55. The weekly trend (50 SMA) remains positive, and the daily trend (50 SMA) has shifted from negative to sideways.

Support Levels:
Near Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797
Far Support Level: 49660 (Double bottom on the Daily Chart)

Resistance Levels:
Near Small Supply/Resistance Zone (75m): 50915 - 51018
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188