Today Bank Nifty closed above its minor resistance level @ 20500.
On the upside there is the resistance of the trending channel and supply zone @ 21500-21800.
On the downside there is minor support @ 20500.
Bank Nifty trading in the trend line channel.
On the upper side major supply zone @ 21500-21800 and downside short turm major demand zone @ 19000-19200. Also, there is trendline support near the demand zone. In any case, if Bank Nifty will break and sustain below 19000 then minimum 1000 points downside range will open.
The yellow zone is an OTM option...
Last week candle was not able to sustain above its supply zone @ 21150-21800. Even it failed to close in this supply zone.
On the downside, there is a demand zone @ 19500-19650 and weekly close is above this zone.
In any case, weekly close below 19500-19650 another 1500-2000 points downside range will open.
19000-19300 is a strong demand zone for this week. On the upside 19650-20450 is a strong supply zone.
As I have mentioned yesterday Bank Nifty is trading in the wide sideways range.
Bank Nifty is compared to weak. I will wait for the trend confirmation then only I will prefer to trade in the Bank Nifty. Right now I may avoid trading.
jsw steel y views is to trade on levels ( positional bias short on rise , but intraday and as per market trend
one can play swngs .
simple demonstration of how basic support resistance are helpful
through ed arrow (resistance) while blue arrow (support)
hope one will find it useful and take benefits ( dua me yaad rakhna) .
On the daily chart next supply zone @ 20800-21500. If it manages to close in this zone or above this zone then the next supply zone @ 21750-22500 and the major supply zone @ 23900-24750.
On the downside there is a short term major demand zone @ 8650-8850 and the upper side resistance @ 9100 and supply zone @ 9350-9500.
According to the options data max OI in call @ 9500 and max OI chg % in call @ 9300 and max OI in put @ 8000 and max chg % in put @ 8900.
According to the options data max OI in call @ 9500 and max OI chg % in call @ 9300...
-- In the last half an hour BNF managed to close above its major supply zone @ 18450-19000. Tomorrow if it manages to sustain above this zone then it may jump 600-900 points and may test its next supply zone @ 19600-19900.
-- Demand Zones: 18400-19000
-- Supply Zones: 19600-19900
-- 8400-8500 was a supply zone for Nifty and today it was managed to close above this zone. Next supply zone @ 8950-9050 and major supply zone @ 9300-9500. On the downside minor support @ 8650 and 8400-8500.
-- Demand Zones: 8650 / 8400-8500
-- Supply Zones: 8950-9050 / 9300-9500
DJI closed @ 22645.
On the upper side, there is a major demand zone @ 22600-23250. We may see higher levels if it will sustain above this major supply zone.
