BankNifty Intraday Support & Resistance Levels for 06.08.2024

On Monday, BankNifty dropped to 49719 (day low) and entered the Weekly Demand/Support Zone mentioned in the last post. Weekly zones are considered strong, and if the low is not broken, we might see a bounce from the Weekly Demand Zone. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has now turned negative.

Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253

Resistance Levels:
Near Supply/Resistance Zone (75m): 51367 - 51609