Simple Trade Setup | NIFTY | 31-01-2022 [INTRADAY]

Jan 30, 2022

NIFTY

Observations:

1) On 1 day time frame, it faced resistance from 100EMA.
100EMA is immediate major resistance. it is placed at 17346.30.

Please refer below chart : 1day Time Frame.


2) Also On 1 day time frame, it closed in channel. And made a bearish candle closing below the middle trendline of channel.

Please refer below chart : 1 day Time Frame.


3) On 15min time frame, it looks like it may form an inverse head and shoulder pattern. If it completes this pattern formation and give breakout of it then we may see a good upmove.
But if it failed and gives breakdown of 16800 then we can see a good down fall.

Please refer below chart : 15 min Time Frame.

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Trade Setup for 31-01-2022

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.