Nifty Intraday Support & Resistance Levels for 19.08.2024
On Friday, Nifty opened with a gap up and remained bullish throughout the day, closing at 24541.15 with a gain of 397 points. Keep a close watch on the 61.8% Fibonacci retracement level at 24625, as Nifty may face resistance there. A strong breakout above this level with volume could lead to a rally towards the 75m Supply zone starting at 24755. The weekly trend (50 SMA) is positive, while the daily trend (50 SMA) remains sideways.
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 Level: 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 Level: 24625 (61.8% FIBO Retracement)
Near Supply/Resistance Zone (75m): 24754 - 24835
Far Supply/Resistance Zone (125m): 24956 - 25031
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