Simple Trade Setup | BANKNIFTY | 08-02-2022 [INTRADAY]

BANKNIFTY

Observations:

1) On 1 day time frame, we can see that it is trading above 100DMA.
After giving breakout of the resistance channel it is back again inside the triangle pattern.
Now below it has support channel and 100DMA as support.

Breakdown of it can make is more bearish.

Please refer below chart : 1day Time Frame.

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Trade Setup for 08-02-2022

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.