Simple Trade Setup | ADANIPORT | 03-11-2021 [ INTRADAY]

ADANIPORTS

I am posting this chart on request from one of the follower on Twitter.

Observations:

1) On daily time frame, we can see it has been trading below 200DMA and facing resistane from it.
Which is a bearish sign.
It has to break and sustain above 200DMA to start bullish journey.
200DMA is placed at 711.73 level.

Please refer below chart : 1 day Time Frame.

Also, we can see from the chart that 720-735 level range is critical resistance.
Safe long trade can be taken only on sustainable breakout of this range.

Please refer below chart : 1 day Time Frame.
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Trade Setup for Date 03-11-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.