BankNifty Intraday Support & Resistance Levels for 07.08.2024

On Tuesday, BankNifty opened gap up but failed to sustain, falling below the previous day's low before closing at 49748.30. For the second consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from the Weekly Demand Zone. The weekly trend (50 SMA) turned sideways from positive, and the daily trend (50 SMA) is now negative.

Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone)

Resistance Levels:
Near Supply/Resistance Zone (15m): 50337 - 50530
Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609

Note: As of writing this, GIFTNIFTY is trading 250 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone may get violated.