BankNifty Intraday Support & Resistance Levels for 09.08.2024

On Thursday, BankNifty entered the 15m Supply zone mentioned in the last post and fell 400 points from the top before closing at 50156.70. For the fourth 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 this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative.

Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently, the price is inside the zone)
Far Support: 48858 level (61.8% FIBO Retracement level)

Resistance Levels:
Near Supply/Resistance Zone (15m): 50350 - 50441
Far 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 275 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone might get violated.