Simple Trade Setup | BANKNIFTY | 30-12-2021[INTRADAY]

Dec 29, 2021

BANKNIFTY

Observations:

1) On 1 day time frame, it closed just above the low of previous day. Which was at 35037.

If it gets support from this level then it can bounce back again and if it failed to hold this then it can give fall.

And it is still trading below 10EMA and 200DMA.

Please refer below chart : 1 day Time Frame.




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Trade Setup for Date: 30-12-2021

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.