Simple Trade Setup | 08-09-2021 | BANKNIFTY (Intraday)

BANKNIFTY

Today, as per our trade setup, it first breakdown the upper trendline and made low till 36151 and also made reversal from 36256-36303 range.

Observations:

1)On 1hr time frame, We can see that now it closed inside the parallel channel.But it closed above 36252/36256 level.

Please refer below chart : 1hr time frame.

2) Also on 1hr time frame still it is holding critical support from 36256 level range.

Please refer below chart : 1hr time frame.

3) On 15min time frame we can see that today, 07-09-2021, in 2nd half it was facing resistance from the upper trendline of parallel channel.
Please refer below chart : 15 time frame.

So from now onward this trendline will work as resistance for it.

Sustainable breakout of this trendline will give good upmove.

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Trade Setup for Date 08-09-2021:

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.

Please refer below chart for levels. : All the levels are same as per previous levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Do not hold your trade for long time. This is for intraday setup for 08-09-2021 only. Trade with SL.
One who are good with scalping can make trade on both the sides.
My personal view is that it will be mostly sideways tomorrow and breakout on either side will give good move.