Simple Trade Setup | BANKNIFTY | 09-11-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On daily time frame, we can see after provisonal closing it closed below 21DMA and 39500 level which is major resistance.
21DMA is also placed at the same level range - 39498.26 level.

Please refer below chart : 1 day Time Frame.

2) Also on daily time frame, good thing is that it managed to closed above the major support range of 39284-39350 level range.

Please refer below chart : 1 day Time Frame.
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Trade Setup for Date 09-11-2021:

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.