Observations: 1) On 1 day time frame, it is taking support from 21DMA. Currently 21 DMA is placed at 789.68 level.
From OI data, We can establish that immediate resistance is at 810 and major resistance is at 820 level.
Please refer below chart : 1day Time Frame.
2) On 1hr time frame, we can see that it is in parallel channel support zone area and took support from middle trendline of it. Upper trendline will work as resistance. Sustainable breakout of it will give bullish move.
Please refer below chart : 1hr Time Frame. -------------------------------------
Trade Setup for Date 18-10-2021:
Most of the levels will remains the same as per previous setup.
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.
@MrReddy24, You need view for intraday or positional trade for short/mid term? Next time could you please specify with the question w.r.t type of trade that you are looking for?
MrReddy24
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sorry bro short term
Trading_hawk
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@MrReddy24, If you are already having position then you can hold it. Near term target will be 280-290 and 300 in short term. 270 is nearest critical resistance at this point. 265 is also a resistance but it will get broken in a day or two.
If you want you can buy from CMP or once it gives sustainable breakout of 270 level. You can keep SL as per your capital risk.
This is my own opinion. Better to take trade with your own study/research and decision.