Simple Trade Setup | NIFTY | 31-12-2021 [INTRADAY]

Dec 30, 2021

NIFTY

Observations:

1) On 1 day time frame, it has been trading above 21DMA since last 3 days.
But it is still trading below 50DMA.

Please refer below chart : 1 day Time Frame.


2) On 1 hr time frame, we can clearly see that is has been stuck in range since last 3 days.
Breakout on either side will give good move.

Please refer below chart : 1 hr Time Frame.


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Trade Setup for Date: 31-12-2021

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.