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
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Carried Position: Sold 19500 PUT @ 230
