Simple Trade Setup | BAJAJ FINANCE | 03-01-2022 [ INTRADAY ]

BAJFINANCE

Observations:

1) On 1 day time frame, it is just below the 21DMA which is placed at 6988.11 level
200DMA is placed at 6465.15 level which is major support.

If it trades above 21DMA then there will be chances of up move. But if it faces resistance then it will be down fall again.
So we can see that 6990-7000 will be major range. It will work as resistance if it trades below is and it will work as support if it trades above it.

Please refer below chart : 1 day Time Frame.

2) Also On 15 min time frame, we can see it finally trades and close above the range of 6875-6962 level range.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date: 03-01-2022

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.