Simple Trade Setup | BANKNIFTY | 18-11-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On 1hr time frame, we can see that now it has come down to the middle trendline of major parallel range in which it was trading earlier.

My personal view is that it may come down till 37500 and from that it can take good support from it.
If not then on breakout of middle trendline of parallel channel it will bounce back.
But if it faces resistance from middle trendline then it will be short trade.

I am not able to adjust this channel in the levels chart so I am providing it separately.

Please refer below chart : 1 hr Time Frame.

2) On daily time frame,it close below 50DMA and closed just above 38000 level.
50DMA is placed at 38408.22 level.

If it goes below 38000 and sustain below then it is a sign of bearish trend.

Please refer below chart : 1 day Time Frame.

3) On 15 min time frame, it is just at the bottom trendline of parallel resistance channel.

Please refer below chart : 15 min Time Frame.

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Trade Setup for Date: 18-11-2021

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.