Simple Trade Setup | BANKNIFTY | 09-12-2021 [ INTRADAY]

BANKNIFTY
Observations:

1) On 1day time frame,Today, it trade above 10DMA.
But face resistance from 21DMA.

10DMA is support now and 21DMA is immdiate resistance now.

10DMA is placed at 36377.13
21DMA is placed at 37348.94

Please refer below chart : 1 day Time Frame.

2) On 1 hr time frame, we can see that it has given the breakout of resistance channel.

Please refer below chart : 1 hr Time Frame.

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Trade Setup for Date: 09-12-2021

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.