BankNifty found support within the first support zone mentioned in the previous post; however, the rebound was not significant, signaling prevailing selling pressure in the market. The immediate support is identified between 47204 and 47345, with a further support zone extending from 46870 to 47015. Additionally, an essential Fibonacci level at 61.8%, situated at 46547 (from the low of 44429 on 25.01.2024), serves as a distant support level. On the resistance front, the closest zone for BankNifty lies between 48051 and 48146, while a more distant resistance zone is observed at 48222 to 48457. Traders are advised to exercise caution and closely monitor these levels amidst the prevailing market conditions.
