Simple Trade Setup | BANKNIFTY | 10-01-2022 [ INTRADAY ]

BANKNIFTY

Observations:

1) On 1 week time frame, it is just below the FIB 50% retracement level and made a good bullish weekly candle giving closing above 61.80% FIB retracement level.

Please refer below chart : 1 week Time Frame.

2) On 1 day time frame, it has managed to give closing above 100DMA in last 3 trading session.
Major good up move can be seen on above 38150 level only.

100DMA is placed at 37302.69 level. Which can work as immediate support.

Please refer below chart : 1 day Time Frame.

3) On 15min time frame,it has formed Bearish flag and pole kind of pattern. If this pattern gets activated then we can see down fall.

Please refer below chart : 15 min Time Frame.

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Trade Setup for 10-01-2022

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.

Trade closed: target reached: