Nifty Intraday Support & Resistance Levels for 20.08.2024
On Monday, Nifty opened with a gap up but stayed within a narrow range, closing at 24572.65 with a modest gain of 31 points. As mentioned in the previous post, "Keep a close eye on the 61.8% FIBO level at 24625, Nifty might face resistance there," and indeed, it made a high of 24638.80 before dropping over 100 points from the day's high. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support and resistance zones remain unchanged from the last post.
Support Levels:
Near Demand/Support Zone (30m): 24389 - 24443
Far Demand/Support Zone (15m): 24204 - 24275
Near Demand/Support Zone (75m) for Weekly Trade: 23960 - 24077
Major Demand/Support Zone (Daily): 23350 - 23667
Resistance Levels:
Near Resistance: 24625 (61.8% FIBO Retracement)
Near Supply/Resistance Zone (75m): 24754 - 24835
Far Supply/Resistance Zone (125m): 24956 - 25031
Support Levels:
Near Demand/Support Zone (30m): 24389 - 24443
Far Demand/Support Zone (15m): 24204 - 24275
Near Demand/Support Zone (75m) for Weekly Trade: 23960 - 24077
Major Demand/Support Zone (Daily): 23350 - 23667
Resistance Levels:
Near Resistance: 24625 (61.8% FIBO Retracement)
Near Supply/Resistance Zone (75m): 24754 - 24835
Far Supply/Resistance Zone (125m): 24956 - 25031
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