BankNifty Intraday Support & Resistance Levels for 23.01.2025
On Wednesday, BankNifty showed resilience, opening on a positive note but dipping to a low of 48,074.05, breaking below the 125m Demand Zone and entering the Far 30m Demand Zone. From there, it rallied strongly during the final trading hour, touching a high of 48,781.75 before closing at 48,724.40, gaining 153 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative.
Demand/Support Zones
Near Demand/Support Zone (30m): 47,950.15 - 48,117.75 (tested)
Far Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested)
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Outlook
BankNifty's rally from the 30m Demand Zone highlights robust support around 47,950 - 48,100. On the upside, the 49,200 - 49,400 range presents significant resistance, with further barriers near 49,800 - 50,000. A breakout above these levels could open doors to 50,900+.
Demand/Support Zones
Near Demand/Support Zone (30m): 47,950.15 - 48,117.75 (tested)
Far Support: 46,077.85 (low of 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested)
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90
Outlook
BankNifty's rally from the 30m Demand Zone highlights robust support around 47,950 - 48,100. On the upside, the 49,200 - 49,400 range presents significant resistance, with further barriers near 49,800 - 50,000. A breakout above these levels could open doors to 50,900+.
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