BankNifty Intraday Support & Resistance Levels for 14.11.2024
On Wednesday, BankNifty opened with a gap down and saw sharp selling pressure in heavyweight stocks, plummeting over 1,250 points and hitting a low of 49,904.40—right into the key Daily Demand Zone highlighted in the last post. It closed at 50,088.35, down 1,069 points on the last weekly expiry. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has turned negative.
As anticipated, breaking below 50,900 triggered a significant decline of 1,000 points. BankNifty did find support within the Daily Demand Zone (49,654.65 - 49,959.25) and bounced to 50,339.45 toward the session’s end. If this zone holds, we might see a rebound to 50,725 - 51,000. Notably, BankNifty has now corrected 4,563 points from its all-time high of 54,467.35, reflecting an 8.37% decline from the peak.
Demand/Support Zones
Key Support (Daily): 49,654.65 - 49,959.25 (current price within this zone)
Far Support: 49,282.65 (61.8% FIBO Level)
Extended Support (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Immediate Resistance (15m): 50,725.35 - 50,852.45
Higher Resistance (30m): 51,586.35 - 51,874.70
Major Resistance (Daily): 51,562.70 - 52,493.95
As anticipated, breaking below 50,900 triggered a significant decline of 1,000 points. BankNifty did find support within the Daily Demand Zone (49,654.65 - 49,959.25) and bounced to 50,339.45 toward the session’s end. If this zone holds, we might see a rebound to 50,725 - 51,000. Notably, BankNifty has now corrected 4,563 points from its all-time high of 54,467.35, reflecting an 8.37% decline from the peak.
Demand/Support Zones
Key Support (Daily): 49,654.65 - 49,959.25 (current price within this zone)
Far Support: 49,282.65 (61.8% FIBO Level)
Extended Support (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Immediate Resistance (15m): 50,725.35 - 50,852.45
Higher Resistance (30m): 51,586.35 - 51,874.70
Major Resistance (Daily): 51,562.70 - 52,493.95
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