BankNifty Support & Resistance for 08.05.2024

BankNifty is hanging around a critical support area from 48088 to 48359, within a 75-minute timeframe. The big question is whether it will bounce back from this support or break down. On the flip side, the nearest resistance area is between 48784 and 49024. Yesterday, BankNifty closed at 48285.35, signalling a shift towards a neutral to bearish trend since it ended below the previous five-day low. Traders are keeping a close eye on these levels for potential market moves today.