BankNifty Intraday Support & Resistance Levels for 18.10.2024

On Thursday, BankNifty opened with a gap up, hit a high of 51,930.20, and then dropped over 750 points to a low of 51,150.25. It closed at 51,288.80, losing 512 points from the previous close. Despite entering the 125m Demand Zone (51,005.85 - 51,246.50) mentioned earlier, the Daily trend remains bearish. If BankNifty breaks below the 51,000 level with volume and sustains, a further drop toward 49,959 or lower could be on the horizon. The Weekly Trend (50 SMA) is still positive, but the Daily Trend (50 SMA) is negative.

BankNifty Demand/Support Zones for 18.10.2024:
Near Demand/Support Zone (125m): 51,005.85 - 51,246.50 (Tested on Thursday)
Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far support: 49,282.65 (61.8% FIBO Level)

BankNifty Supply/Resistance Zones for 18.10.2024:
Near Supply/Resistance Zone (125m): 51,767.30 - 52,031.60
Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35
Far Supply/Resistance Zone (15m): 52,417.40 - 52,562.70
Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.