On Monday, BankNifty opened gap up and entered the major daily supply/resistance zone mentioned in the last post. It then fell almost 1200 points from the top due to selling pressure from the daily supply zone, closing at 51406.25 with just a 110-point gain. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) is sideways.
Support Levels: Near Demand/Support Zone (15m): 51023 - 51082 Near Demand/Support Zone (30m): 50851 - 50951 Near Demand/Support Zone (75m) for weekly trade: 50707 - 50960 Major Demand/Support Zone (Weekly): 49530 - 50253
Resistance Levels: Small Supply/Resistance Zone (5m): 52238 - 52315 Near Supply/Resistance Zone (15m): 51317 - 51462 Major Supply/Resistance Zone (Daily): 51874 - 52587
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