BankNifty Intraday Support & Resistance Levels for 20.12.2024

On Thursday, BankNifty opened with a significant gap-down, dropping to a low of 51263.75, entering the 125m Demand Zone and taking support near the 61.8% Fibonacci retracement level. It managed a slight recovery, reaching a high of 51789.85, but closed negative for the third consecutive session at 51575.70, losing 563 points. The Weekly Trend (50 SMA) has turned sideways from positive, while the Daily Trend (50 SMA) remains sideways.

Demand/Support Zones
Near Support: 51353 (61.8% Fibonacci retracement level)
Near Demand/Support Zone (125m): 50898.75 - 51271.50 (tested)
Far Demand/Support Zone (Daily): 49787.10 - 50983.50

Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 52709.40 - 52911.10
Near Supply/Resistance Zone (15m): 53159.20 - 53276.55
Far Supply/Resistance Zone (30m): 53489.70 - 53675.05
Far Supply/Resistance Zone (Weekly): 53741.40 - 54467.35 (tested)

Key Insights
BankNifty continues to hover near critical support levels, and a break below 51353 could push it further into the Daily Demand Zone. Resistance remains strong at 53000+ levels.