Simple Trade Setup | MARUTI |26-10-2021 [ INTRADAY]

Oct 25, 2021

MARUTI

I am posting this as one of the follower requested.

Observations:

1) On 1 Day time frame, we can see that it is near its 100DMA and also critical supprot range 7165 - 7200.
There are chance that it will take support from this range. If it breaksdown and closes below then it will show weakness.

Please refer below chart : 1day Time Frame.


2) Also on daily time frame, if we apply FIB retracement from recent uptrend then we can see that the 61.80% level (7177-7178 level) is falling under the the 7165-7200 level range.

If it works as support then we can see bounce back.

Please refer below chart : 1day Time Frame.


3) On 15min time frame, we can see a bullish divergence. As price is making almost flat lows while RSI is making higher lows. Tomorrow we might see a sudden upmove. But it may or may not sustain, it may have a followup of profit booking as well.

Please refer below chart : 15min Time Frame.


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All the levels and most of the trade setup still remains the same as per previous.
Trade Setup for Date 26-10-2021:

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.