BankNifty Intraday Support & Resistance Levels for 08.01.2025
On Tuesday, BankNifty opened with a gap-up and traded within a range, making a low of 49,969.30 and a high of 50,447.60. It closed at 50,202.15, gaining 280 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) continues to show negativity.
Demand/Support Zones
Near Support Level: 49,282.64 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55
Near Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10
Outlook
BankNifty managed to close above 50,000, showing some recovery. A breakout above 51,100 could indicate further upside, while a dip below 49,282 might bring bears back into control.
Demand/Support Zones
Near Support Level: 49,282.64 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55
Near Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30
Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10
Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10
Outlook
BankNifty managed to close above 50,000, showing some recovery. A breakout above 51,100 could indicate further upside, while a dip below 49,282 might bring bears back into control.
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