Simple Trade Setup | BANKNIFTY | 17-11-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On daily time frame,it closed just below 50DMA and also closed below 38500.
50DMA is placed at 38382.61 level.

And closed just above 38300 level.
Major support is at 38000 level and immediate resistance is now at 38500 and major resistance is at 38800 level.

Please refer below chart : 1 day Time Frame.

2) On 15min time frame, it is still facing resistance to give breakout of parallel channel resistance.
Please refer below chart : 15 min Time Frame.

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Trade Setup for Date: 17-11-2021

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.