Simple Trade Setup | BANKNIFTY | 03-01-2022 [INTRADAY]

BANKNIFTY

Observations:

1) On 1 day time frame, it is near the resistance range of 200DMA. And it made good up move from 10DMA.
200DMA is immediate major resistance, which is placed at 35701.48 level and 10DMA is immediate major support which is placed at 34955.78 level.

Please refer below chart : 1 day Time Frame.

2) Also On 1 day time frame, we can see it is in the resistance channel and faced resistance from the middle trendline of it.

Please refer below chart : 1 day Time Frame.

3) On 15min time frame, we can see temporary support channel.
Please refer below chart : 15min Time Frame.

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Trade Setup for Date: 03-01-2022

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.

Trade closed: target reached:

Book profit