Simple Trade Setup | BANK NIFTY | 29-10-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On 15 min time frame we can see that it had broken the temporary support trend-line from which it was getting support and bounce back in previous session.
But now it came to the major critical support range of 39285 to 39350.
If it holds and gets support from here then it can bounce back but if it breakdown this range then the downfall will continue.

Please refer below chart : 15min Time Frame.


2) On 1hr time frame, we can see that it had broken the upper trendline of parallel channel and now again back near inside the upper trend-line of parallel channel.
Tomorrow if it failed to sustain above the upper trendline of parallel channel then we can see that it will come down till middle trend line of the parallel channel.

Please refer below chart : 1hr Time Frame.


3) On 1 day time frame, we can see that after breaking 10DMA it is closed above 21DMA. But still it is a bit far above 21DMA. There can be a move to test 21DMA.
21DMA is placed at 38927.04.

Please refer below chart : 1day Time Frame.

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Trade Setup for Date 29-10-2021:

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.