BankNifty Intraday Support & Resistance Levels for 02.09.2024

On Friday, BankNifty opened with a gap up, reaching a high of 51466.55 before closing at 51351. With BankNifty now above the 51316 level (61.8% FIBO retracement), sustained trading above this level could trigger a rally towards 51750 and beyond. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways.

Support Levels:

Near Minor Demand/Support Zone (15m): 50984 - 51073
Near Demand/Support Zone (30m): 50663 - 50772
Far Demand/Support Zone (30m): 50393 - 50507
Far Demand/Support Zone (30m): 49806 - 50017
Far Demand/Support Zone (125m): 49681 - 49797

Resistance Levels:
Near Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 (Current price inside the zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188