BankNifty Intraday Support & Resistance Levels for 28.01.2025

On Monday, BankNifty opened with a massive gap-down of 486 points, reflecting strong bearish sentiment. It initially dropped to a day low of 47,844.15, staged a recovery to hit a high of 48,319.20, but eventually lost momentum again to close at 48,064.65, down by 303 points from the previous close. The Weekly Trend (50 SMA) has now turned Negative, in line with the already Negative Daily Trend (50 SMA).

Demand/Support Zones
Near Support Zone: 46,077.85 (low from 4th June 2024)
Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40

Supply/Resistance Zones
Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times)
Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (within the Daily Supply Zone)
Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75
Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (within the Weekly Supply Zone)

Outlook
After briefly breaking below the 48,000 mark (last seen on 13th January), BankNifty managed to reclaim this level by the session's close. With the Weekly Trend turning negative, INDIAVIX surging by 8%, and a major event, Budget 2025 on the horizon, heightened volatility is expected in the coming sessions.