BankNifty Intraday Support & Resistance Levels for 03.10.2024

On Tuesday, BankNifty opened gap down, bounced to a high of 53,235.25, and fell to a low of 52,817.80 before closing at 52,922.60, losing 55 points from the previous close. It broke the 125m Demand zone (52,847.90 - 53,136.10) mentioned in the last post, but managed to close inside the zone. As highlighted earlier, if BankNifty breaks below 52,847 with volume and sustains, further declines towards 52,285 could be expected. The Weekly and Daily Trends (50 SMA) remain positive. The demand and supply zones remain unchanged.

Demand/Support Zones:
Near Demand/Support Zone (125 min): 52,847.90 - 53,136.10 (current price inside the zone)
Far Demand/Support Zone (Daily): 51,643.95 - 52,484.60
Far Demand/Support Zone (Daily): 50,369.40 - 51,420.15

Supply/Resistance Zones:
Near Supply/Resistance Zone (75 min): 53,763.20 - 53,945.10
Far Supply/Resistance Zone (75 min): 54,152.50 - 54,338.70