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.
@sandeepkumarmeena, In my 19500 put writing position my trade is safe above 19300. On Monday if I will get a good risk to reward then I may enter in FUT position otherwise I will continue to write OTM options.
On weekly chart 20000-20450 is a good support zone and on daily chart 19650-20450 is a good support zone. These zones' upper and lower range will be my stop-loss. Let the market open on Monday then I will decide to add more positions according to the risk to reward.