BankNifty Intraday Support & Resistance Levels for 07.01.2025

On Monday, BankNifty witnessed a sharp sell-off. After opening flat and reaching a high of 51,026.10, the index nosedived over 1,200 points to a low of 49,751, breaking all near-demand zones. It closed at 49,922, down by a significant 1,066 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.

Demand/Support Zones
Near Support Level: 49,282.64 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40

Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55
Near Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10

Outlook
The relentless selling pressure has pushed BankNifty closer to critical support levels, with 49,282.64 being the next key zone to watch. Recovery attempts could face resistance near the 50,618 zone, while the broader trend remains bearish.