1) On 15 time frame, It made reverese from the upper trendline of parallel channel. People who are following my ideas may know about this trendline. But who are going through this post for the first time then you can refer in some of my previous post for Banknifty. I am adding the link of those tradesetup at the bottom in the link section.
Please refer below chart : 15 time frame. -------------------------------------
Trade Setup for Date 22-09-2021:
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 respsective level considering how price action works near that level.
today it has closed above 21DMA on daily time frame which is good thing but It will be bearish if it couldn't sustain above 700 level. Below 700 it has support at 675.
For bullish trend it has to sustain above 700 and break 730 at least. Major resistance is at 760. So on breakout of 730 will lead it to 760