Simple Trade Setup | BANKNIFTY | 10-11-2021 [ INTRADAY]

Nov 9, 2021

BANKNIFTY

Observations:

1) On daily time frame, it faced resistance from 21DMA and closed below it.
21DMA is placed at 39575.20 level range.

Also one good thing is that it managed to close above major support range of 39285-39350 level range.

Please refer below chart : 1 day Time Frame.



In general, it is good that none of 15min candle closed below this major support range of 39285 level.
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Trade Setup for Date 10-11-2021:

Most of the levels and trade setup remains same as per previous.

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.