BankNifty Intraday Support & Resistance Levels for 25.07.2024

On Wednesday, BankNifty took support at the 15m demand zone mentioned in the last post (linked in "Related Ideas" below) and bounced to 51512 before closing at 51317, losing 461 points. BankNifty broke the demand zone mentioned previously, and the nearest major support seen on the chart is at 50253, where there is a weekly support zone. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) is now sideways.

Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253

Resistance Levels:
Near Supply/Resistance Zone (30m): 52559 - 52783
Far Supply/Resistance Zone (30m): 53064 - 53188
Major Supply/Resistance Zone (75m) for weekly trade: 52880 - 53187

Note: While writing this, GIFTNIFTY is showing 220+ points negative, indicating a potential gap down opening.