BankNifty Intraday Support & Resistance Levels for 11.10.2024

On Thursday, BankNifty opened with a gap up and surged to a high of 51,659.45, closing at 51,530.90, gaining 524 points over the previous close. BankNifty has exited the Daily Demand Zone and closed above 51,420. If it can sustain this level, we may see the rally continue towards 52,254 or even 52,817. The Weekly Trend (50 SMA) is sideways, while the Daily Trend (50 SMA) remains negative. The demand and supply zones remain unchanged from the previous post.

Demand/Support Zones:
Near Demand/Support Zone (Daily): 50,369.40 - 51,420.15 (current price inside the zone)
Near Demand/Support Zone (15m): 51,086.85 - 51,207.85
Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far support at 49,282.65 (61.8% FIBO Level)

Supply/Resistance Zones:
Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35
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