1. Demand/Supply zone Analysis. 2. TrendLine Analysis. 3. Multiple 5 times rejection seen in the current supply zone. This clearly notes that the current supply zone is very strong. 4. Bank Nifty seems to be stuck in a range and it is testing supply and demand zone multiple times. 5. There is only one major trendline which is way down under the immediate demand zone. 6. Important to note, it is 4th time testing its immediate demand zone.
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BankNifty has taken a pullback after showing a minor sigh of breakdown exactly from its demand zone. Now its in-demand zone, until it is in the demand zone it has no clarity. Wait for this week to spot its direction.
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20th/march/2021 (End of 3rd week)
I can clearly see that bank nifty is much stronger than nifty50. It has taken strong support from its Up Trend. In the coming week, we will see that it may breach the trendline. if so then definitely will take support on its immediate demand zone levels. Things to watch is that if nifty breaches 14,300 levels then that it will father correct.
Coming week's strategy would be for Bank nifty to play on ranges and be cautious from its Up TrendLine.