Simple Trade Setup | BANK NIFTY | 02-11-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On daily time frame,Friday it has closed above 21DMA and on 01-11-2021 it took support from 21 DMA and made bullish candle.

Please refer below chart : 1 day Time Frame.

2) On daily time frame, If we apply Fib retracement then we can see that it has given good upmove from 61.8% level of FIB retracement.
Please refer below chart : 1 Day Time Frame.

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Trade Setup for Date 02-11-2021:

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.