BankNifty Intraday Support & Resistance Levels for 07.10.2024

On Friday, BankNifty opened gap down but quickly recovered, reaching a high of 52,358.35, entering the 15-minute Supply Zone highlighted in the previous post. However, it faced strong selling pressure at that level and plunged 1,000 points from the day’s high, hitting a low of 51,347.25. BankNifty broke through the near Daily Demand Zone and entered the Far Daily Demand Zone, closing at 51,462.05, down 383 points from the previous session.

The Weekly Trend (50 SMA) remains positive, but the Daily Trend (50 SMA) has turned sideways. As BankNifty approaches the support/demand zone (50,369.40 - 51,420.15), a potential bounce could take it back up towards 52,817, near the Daily Supply Zone.

Demand/Support Zones:
Near Demand/Support Zone (Daily): 50,369.40 - 51,420.15 (current price near the zone)
Near Demand/Support Zone (75m): 51,025 - 51,222.65
Far Demand/Support Zone (75m): 50,564.65 - 50,891.65

Supply/Resistance Zones:
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 these levels in mind for potential trading opportunities!