Simple Trade Setup | KOTAKBANK | 17-12-2021 [ INTRADAY]

KOTAKBANK
Observations:

1) On 1day time frame, since last 3 days it has been trading around 200DMA.
Yesterday, it gave breakout of 200DMA and today it managed to take support from 200DMA and close just above 200DMA.
200DMA is major support at this moment.
If it gives breakdown of 200DMA then it will be bearish again.

100DMA will be immediate resistance.
100DMA is placed at 1914.80 and 200DMA is placed at 1848.13 level.

Please refer below chart : 1day Time Frame.

2) On 1hr time frame, it is trading in descending parallel channel.

Please refer below chart : 1hr Time Frame.


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Trade Setup for Date: 17-12-2021

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.