On Friday, BankNifty opened with a gap down, hitting a low of 51,000.90, and then staged an impressive comeback, bouncing nearly 1,200 points to a high of 52,199.45. It closed at 52,094.20, gaining 805 points from the previous close. If BankNifty breaks below 51,000 with volume and sustains, further downside could extend to 49,959 or below. The Weekly Trend (50 SMA) remains positive, and the Daily Trend (50 SMA) is sideways.
BankNifty Demand/Support Zones for 21.10.2024: 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
BankNifty Supply/Resistance Zones for 21.10.2024: 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 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70
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