Simple Trade Setup | BANKNIFTY | 14-12-2021 [ INTRADAY ]

BANKNIFTY

Observations:

1) On 1day time frame,after trading around 200DMA now it is trading around 100DMA.
Today it closed below 100DMA.
100DMA is placed at 37186 level.

Sustainable breakout of 37186 will be good buying opportunity.

Please refer below chart : 1day Time Frame.

2) On 15min time frame, we can see that the trendline which was previously working as resistance now it is taking support from it. hence this trendline is immediate support trendline.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date: 14-12-2021

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.