BankNifty Intraday Support & Resistance Levels for 18.11.2024
On Thursday, BankNifty opened with a gap down, climbed to a high of 50,561.80, and dipped to a low of 49,939.35. It closed at 50,179.55, gaining 91 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative.
For two consecutive days, BankNifty has tested the Daily Demand Zone and held support near the 50,000 mark. As highlighted earlier, if this support holds, we could see bullish momentum targeting 50,725 to 51,000 levels.
Demand/Support Zones
Near Support (Daily): 49,654.65 - 49,959.25 (tested twice)
Far Support: 49,282.65 (61.8% FIBO Level)
Extended Support (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Immediate Resistance (15m): 50,725.35 - 50,852.45
Higher Resistance (30m): 51,586.35 - 51,874.70
Major Resistance (Daily): 51,562.70 - 52,493.95
For two consecutive days, BankNifty has tested the Daily Demand Zone and held support near the 50,000 mark. As highlighted earlier, if this support holds, we could see bullish momentum targeting 50,725 to 51,000 levels.
Demand/Support Zones
Near Support (Daily): 49,654.65 - 49,959.25 (tested twice)
Far Support: 49,282.65 (61.8% FIBO Level)
Extended Support (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Immediate Resistance (15m): 50,725.35 - 50,852.45
Higher Resistance (30m): 51,586.35 - 51,874.70
Major Resistance (Daily): 51,562.70 - 52,493.95
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