HDFC is looking strong on the weekly chart and it is trading above it's major supply zone.
There are multiple Supply zones on the upside. So I will go with the put writing because I am seeing limited downside.
Trade setup for Bank Nifty:-
Very Strong Supply Zones @ 22200-23000 Zone.
Demand Zone @ 21700-21750 Zone.
Very Strong Demand Zone @ 20700-20950.
1. There are Multiple Supply Zones in the range of 22200 to 23000. Its not easy for the Bank Nifty to sustain above 23000 in next week. In any case if it will manage to sustain above 23000 then It may test it's next...
Why I have mentioned that "Don’t try to predict the stock market" because last week I have updated my Nifty Weekly Post on Saturday and SGX Nifty was down by approx more then 100 points. But my trading setup was saying different story. I posted "Nifty: very less probability to break or sustain below 10000" and finally Nifty closed on the week's high.
20900 - 21350 ( Demand Zone )
20700 - 20900 (Very Strong Demand Zone )
22000 - 22450 (Strong Supply Zone )
Bank Nifty having multiple Strong Demand Zones on the downside and multiple Strong Supply Zones on the upside.
In this situation I will only trade in option buying when I will see the swing in Bank Nifty
I will share my BNF...
HDFC Bank is trading above it's Major Supply Zone @ 1000-1020.
If it will manage to sustain above this zone then It may test it's next Supply Zones (Please find the Supply Zones in the Chart).
It will be more strong above 1060.
In the 1000 to 1060 range I may sell 1000 put for JUL Exp and Once it will sustain above 1060 I may buy a Fut as a positional trade.
Bank Nifty Closed in it's Minor Demand Zone @ 21300-21520.
If it will manage to sustain above this zone then next Supply Zone @ 21700-21880.
In any case if it will sustain below 21300 then Next Major Demand Zone @ 20650-20750.
I will take a short position below 21300.
Trade Well :)
There is a Demand Zone on Daily Chart @ 10270-10300. Once Nifty will manage to sustain below this demand zone it may test it's next support @ 10240 and 10130.
I may go short below 10270 and I may void short position above 10300.
20650 to 21850 is a very important range for the Bank Nifty.
Daily closing or sustain below 20650 Bank Nifty may test it's 20000 and demand zone @ 19300-19500.
Daily closing or sustain above 21850 Bank Nifty may test its next supply zone @ 21450 and 22950-23200.
Supply Zones and Demand Zones
Very Strong Demand Zone @ 9900-10000
Demand Zone @ 10100
Supply Zones @ 10300 / 10485-10525 / 10600-10645
1st weakness sign will come once Nifty will manage to sustain below it's MAJOR DEMAND ZONE @ 9900-10000. Nifty will be a buy on dips for me above its major demand zone.
In any case If Nifty will sustain above it's...
Nifty new trading zone is 9500-10000. There is a wide sideways zone @ 9725 to 9835.
In any case, if it will come to 9500 and will manage to sustain above this demand zone then I will take a short position in 9500 put and If it will come to 10000 but not manage to sustain above this supply zone then I may take a short position in 10000 call.
I will update this...
Cummins India is trading very near to its major Supply Zone.
Once it will sustain above its major supply zone @ 405 then it may test its next supply zones on the upper side.
I will go long if it will sustain above 405.
Please find the demand and supply zones for the stop loss and target.
There is a Verry Strong Demand Zone @ 190 Zone. Next Minor Demand Zone @ 200 level. Now it is trading above 200 so in the coming weeks, it may test its next Supply Zones on the Upside...
Please find the Demand and Supply Zones for the Target and Stoploss.
Thank x Trade Well
There is a Short Turm Major demand Zone @ 10100-10180 and Short Turm Supply Zone @ 10240-10300.
I will take these both zones as sideways zones. If Nifty will trade between these zones I may take a position in option writing. I may take an aggressive long position once Nifty will sustain above 10300. I strickly avoid a short position in Nifty at the monument.
Infy is crossing its supply zone and trading @ 724...If it will manage to sustain above 715 then it may test it's next supply zones.
Please find the Demand and Supply Zones for the target and stop loss.
Thank u Trade Well