On Wednesday, BankNifty opened with a gap down but found support at the 30m Demand Zone mentioned in the last post, rallying to a day high of 50772.45 before closing at 50685.55. The weekly trend (50 SMA) remains positive, and the daily trend (50 SMA) has shifted from negative to sideways.
Support Levels: Near Demand/Support Zone (30m): 49806 - 50017 Far Demand/Support Zone (125m): 49681 - 49797 Far Support Level: 49660 (Double bottom on the Daily Chart)
Resistance Levels: Near Small Supply/Resistance Zone (75m): 50915 - 51018 Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188