BankNifty Intraday Support & Resistance Levels for 20.08.2024

On Friday, BankNifty opened with a gap up but failed to cross the near resistance at 50750, dropping over 440 points from the day’s high before closing at 50368.35, losing 148 points from the previous close. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support and resistance zones remain unchanged from the last post.

Support Levels:
Near Demand/Support Zone (30m): 49806 - 50017
Far Support Level: 49660 (Double bottom on Daily Chart)
Far Support: 48858 (61.8% FIBO Retracement of the rally from 46078)

Resistance Levels:
Near Resistance Level: 50750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609