BankNifty Intraday Support & Resistance Levels for 23.10.2024
On Tuesday, BankNifty opened 108 points higher, hit a high of 52,257.30, and then dropped over 1,050 points, reaching a low of 51,179.60. It closed at 51,257.15, losing 705 points from the previous session. BankNifty is currently within the 125m Demand Zone mentioned in the previous post. If the crucial 51,000 level holds, we might see a bounce back from this demand zone. However, if BankNifty breaks below 51,000 with strong volume and sustains, further downside to 49,959 or lower is likely. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways.
BankNifty Demand/Support Zones for 23.10.2024:
Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 (current price inside this zone)
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support: 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
BankNifty Supply/Resistance Zones for 23.10.2024:
Near Supply/Resistance Zone (15m): 51,559.35 - 51,678.85
Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30
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
BankNifty Demand/Support Zones for 23.10.2024:
Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 (current price inside this zone)
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support: 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
BankNifty Supply/Resistance Zones for 23.10.2024:
Near Supply/Resistance Zone (15m): 51,559.35 - 51,678.85
Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30
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
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