Bank Nifty: Intraday Demand and Supply Zones

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As I have mentioned in my Thursday post that Bank Nifty may be strong in the coming week. My view is still the same. Bank Nifty may outperform this week in comparison to Nifty.

19650-20450 was a strong supply zone on the hourly chart and 21000-21450 was a strong supply zone on the weekly chart. Finally, Bank Nifty weekly and closed is above these major supply zones. Now, these zones will act as short term demand zones.

As I have mentioned in the Bank Nifty Daily Chart there is a minor supply zone @ 20800-21430. So as per my view once it will sustain above 20800, it will get more strong and may test it’s next upperside supply zones.

Data formation is also positive.
Due to volatility, I will prefer to trade through OTM option writing instead of taking trade in fut.

tgram a t swapniltradingroom

Transaction en cours:

Carried Position: Sold 19500 PUT @ 230