On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support: 48858 (61.8% FIBO Retracement level)
Resistance Levels:
Near Resistance Level: 51750 (High of 5th August)
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support: 48858 (61.8% FIBO Retracement level)
Resistance Levels:
Near Resistance Level: 51750 (High of 5th August)
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note
The horizontal line at 50750 is actually 5th August High & not 5th June High. Sorry for the Typo.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.