On Wednesday, BankNifty opened with a gap down, reaching a high of 52,220 before dipping to a low of 51,733. After attempting to hold the 15m demand zone, BankNifty couldn’t sustain, closing at 51,807.50 with a 513-point loss. Both the Weekly and Daily Trends (50 SMA) are currently sideways.
Demand/Support Zones:
Near Minor Demand/Support Zone (15m): 51,376.60 - 51,517.85
Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25
Far Support: 49,282.65 (61.8% FIBO Level)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones:
Near Supply/Resistance Zone (15m): 52,264.05 - 52,349.45
Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 (tested)
Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25
Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35