Simple Trade Setup | NIFTY | 23-12-2021 [ INTRADAY ]

Dec 22, 2021

NIFTY

Observations:

1) On 1day time frame, it is between 100DMA and 200DMA.

100DMA is placed at 17347.25
200DMA is placed at 16274.39

Immediate support is at 16800 level.

Please refer below chart : 1day Time Frame.


2) On 1 hr time frame, we can see that it is now above the temporary trendline.

Please refer below chart : 1hr Time Frame.


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Trade Setup for Date: 23-12-2021

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.