On Tuesday, BankNifty opened gap-up as expected, made a low of 48,235.20, and rallied to a high of 49,007.35 during the session. It closed at 48,729.15, gaining an impressive 688 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.
Demand/Support Zones Near Demand/Support Zone (15m): 47,950.15 - 48,117.75 Near Support: 46,077.85 (low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones Near Supply/Resistance Zone (15m): 49,175.30 - 49,358.15 Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60
Outlook If BankNifty sustains 15m Demand zone, it could test 49,200 in the coming sessions.