BankNifty had a very volatile session on Friday and closed down 122 points. The weekly trend (50 SMA) remains positive, while the daily trend is still sideways.
Support Levels:
Near Support/Demand Zone (125m): 50,879 - 51,213
Far Support/Demand Zone (15m): 50,597 - 50,765
Given that the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advisable.
There is no visible supply/resistance zone on the chart, but selling pressure from higher levels is expected.
Support Levels:
Near Support/Demand Zone (125m): 50,879 - 51,213
Far Support/Demand Zone (15m): 50,597 - 50,765
Given that the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advisable.
There is no visible supply/resistance zone on the chart, but selling pressure from higher levels is expected.
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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.
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.