BANKNIFTY Levels for Wednesday !
🛑BANKNIFTY trading below 21 and 50 DMA
- Trading above 100 DMA
- Bank Nifty WEEKLY Pivot is at 38917.8
🛑 Keys Levels to watch out for day traders
◽Resistance is at 38600-38700
-with the stop loss of 38500
- we can see target of 39000
◽ Support Levels is at 38300-38200
- with SL of 38350
- we can see Target of 38000
🛑 Rules to follow
* avoid trade if market opens above/ below our levels
- in other words , avoid if market opens at or above our resistance zone (Huge GAP up)
- avoid if market opens at or below our support zone (Huge GAP down)
(reason behind avoiding trade because market don't like gaps it will try to fill the gaps )
*if huge gap UP or DOWN happens then we have to just wait for price action and until fill the gap then we can take trade
*initiate the trade by using 5mins time frame chart ,
-if breakout happens and 5min candle closed above mentioned level then initiate trade
- if breakdown happens and 5min candle closed below mentioned level then initiate trade
(so point is candle must as close above / below our mentioned levels then initiate trade ,
while operating SL also same candle as to close below the levels)
* After initiating the trade we must have to wait until it will hit either TARGET or STOP LOSS
*initiate trade after immediate breakout / breakdown(possibility making profit is higher)
◽or one can initiate after retesting the level (possibility making profit is lower)
◽i hope that it will help a lot
do like and follow for more
have a nice day
- Trading above 100 DMA
- Bank Nifty WEEKLY Pivot is at 38917.8
🛑 Keys Levels to watch out for day traders
◽Resistance is at 38600-38700
-with the stop loss of 38500
- we can see target of 39000
◽ Support Levels is at 38300-38200
- with SL of 38350
- we can see Target of 38000
🛑 Rules to follow
* avoid trade if market opens above/ below our levels
- in other words , avoid if market opens at or above our resistance zone (Huge GAP up)
- avoid if market opens at or below our support zone (Huge GAP down)
(reason behind avoiding trade because market don't like gaps it will try to fill the gaps )
*if huge gap UP or DOWN happens then we have to just wait for price action and until fill the gap then we can take trade
*initiate the trade by using 5mins time frame chart ,
-if breakout happens and 5min candle closed above mentioned level then initiate trade
- if breakdown happens and 5min candle closed below mentioned level then initiate trade
(so point is candle must as close above / below our mentioned levels then initiate trade ,
while operating SL also same candle as to close below the levels)
* After initiating the trade we must have to wait until it will hit either TARGET or STOP LOSS
*initiate trade after immediate breakout / breakdown(possibility making profit is higher)
◽or one can initiate after retesting the level (possibility making profit is lower)
◽i hope that it will help a lot
do like and follow for more
have a nice day
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