Market Recap:
On Wednesday, BankNifty opened gap-up, dipped to a low of 49,324.80, and then rallied to a high of 49,807.55, entering both the 75m & Daily Supply Zones. It closed flat at 49,702.60, gaining 388 points from the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned sideways from negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 49,249.15 - 49,309.55
Near Demand/Support Zone (75m): 48,908.20 - 49,121.05
Near Support: Around 47,850 (Multiple supports on the Daily Chart)
Far 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 (75m): 49,665.95 - 49,829.40 (Tested)
Near Supply/Resistance Zone (Daily): 49,703.10 - 50,641.75 (Tested)
Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested)
Outlook
As highlighted in the previous post, BankNifty showed strong bullish momentum and even surpassed the 49,500 mark, as anticipated. However, the short-term trend is now in the overbought zone.
🚨 With multiple supply zones nearby and BankNifty testing the 75m & Daily Supply Zones today, a pullback or correction is possible. Caution is advised when going long at these levels.
On Wednesday, BankNifty opened gap-up, dipped to a low of 49,324.80, and then rallied to a high of 49,807.55, entering both the 75m & Daily Supply Zones. It closed flat at 49,702.60, gaining 388 points from the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned sideways from negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 49,249.15 - 49,309.55
Near Demand/Support Zone (75m): 48,908.20 - 49,121.05
Near Support: Around 47,850 (Multiple supports on the Daily Chart)
Far 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 (75m): 49,665.95 - 49,829.40 (Tested)
Near Supply/Resistance Zone (Daily): 49,703.10 - 50,641.75 (Tested)
Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested)
Outlook
As highlighted in the previous post, BankNifty showed strong bullish momentum and even surpassed the 49,500 mark, as anticipated. However, the short-term trend is now in the overbought zone.
🚨 With multiple supply zones nearby and BankNifty testing the 75m & Daily Supply Zones today, a pullback or correction is possible. Caution is advised when going long at these levels.
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