NSE:BAJFINANCE Observations: 1) On 1 day time frame, we can see that after opening gap up since last two days it is facing profit booking. But good thing is that it took support from 10DMA and closed above 7850 level. Which is partially good sign for BAJFINANCE.
If we see in recent days, it spend very less days below 10DMA. Hence breakdown of 10DMA on daily time frame it will give bearish move for short time. And if it sustain then we can see bullish move continue.
Please refer below chart : 1day Time Frame.
2) On 1hr time frame, we can see it is trading in parallel uptrend channel. It is near the support trendline of parallel channel. If it gets good support from it then it will be bullish till the resistance trendline [upper trendline] of parallel channel.
If it breaks down support [bottom] trendline of parallel channel then it will be bearish.
Please refer below chart : 1hr Time Frame. -------------------------------------
Trade Setup for Date 19-10-2021:
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.