BankNifty Intraday Support & Resistance Levels for 09.10.2024

On Tuesday, BankNifty opened gap up and finally showed some bullish momentum after six days of downtrend, reaching a high of 51,176.05. It closed at 51,021, gaining 542 points from the previous close. The Weekly Trend (50 SMA) is sideways, while the Daily Trend (50 SMA) remains negative. Though BankNifty broke the daily demand zone (below 50,369.40) on Monday, it managed to close inside the zone for the second consecutive day. On the downside, 50,369 is a crucial level for support. If BankNifty crosses 51,420 and sustains above, we could see a rally towards 52,254 and beyond.

Demand/Support Zones:
Near Demand/Support Zone (Daily): 50,369.40 - 51,420.15 (current price inside the zone)
Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far support: 49,282.65 (61.8% FIBO Level)

Supply/Resistance Zones:
Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35
Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25
Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10
Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70

Keep an eye on 51,420 for a potential breakout to push BankNifty higher!