Nifty Intraday Support & Resistance Levels for 08.11.2024

On Thursday, Nifty opened flat, climbed to a high of 24,503.35, and then slid, ignoring the 15m Demand Zone and reaching a low of 24,179.05. It closed at 24,199.35, down by 284 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative. As we've mentioned in earlier posts, it’s a “Sell on Rise” market until a positive trend shift occurs.

Demand/Support Zones
Near Support (30m): 23,842.75 - 23,951.10
Key Support (Daily): 23,350 - 23,667.10
Deep Support: 23,189.88 (61.8% FIBO)
Far Support (Daily): 22,642.60 - 22,910.15

Supply/Resistance Zones
Near Resistance (30m): 24,447.65 - 24,537.60
Key Resistance (75m): 24,636.75 - 24,741.45
Major Resistance (Daily): 24,567.65 - 24,978.30
Extended Resistance (Daily): 25,739.20 - 25,907.60