Bank Nifty Future has seen sell off from Channel Resistance technically, where some negative news has added the spice to the bears. For the September Series 25270- 25300 in the strong resistance and Strategy to sell on the rise should be the plan (CMP 23775) if Bank Nifty Future Closes above 25300 we may see BN again entering bullish zone.
For educational purpore only
still working on minute details
Very Strong Demand Zone @ 23000-23200 Demand Zone @ 23800-2400 Supply Zone @ 24900-25150 Supply Zone @ 25800-2600 If bank Nifty will manage to sustain above 24000 then I may sell 24000 put. In any case If Bank Nifty will trade above 25150 then I may tong a long position in Fut for the trade of next supply zone @ 25800-26000. I will think for the call writing or...
bank nifty levels...31/08/2020 (1hr Candle)
bank nifty levels...28/08/2020 (1hr Candle)
Strong Demand Zone @ 23150-23250. Minor Resistance @ 23450 Strong Supply Zone @ 23800-2400. I will short the 23000 put for the next exp if it will manage to hold above 23150-23250. Once it will trade above 23450 then I will go long in Fut for the target of next supply zone @ 23800-24000.
This is basic scalp idea with levels. Although BN is strong, In case if it breaks down; We should catch. So there goes my plan. It won't trigger unless it breaks.
If it able to cross this trend which is showing today ...it should go towards 50% or 61.8 % of total retracement. Thank You, Yogesh Technical Analyst.