NIFTY
Observations:
1) On 1day time frame, it face resistance from the 100DEMA and also close below yesterday's low.
But provisional closing is just above 17000 psychological level.
Now the clear trend will be on Monday. But overall OI data has formed a bit negative.
100EMA is placed at 17143.17, which will be major resistance now.
Immediate support is at 16940 and major support is at 16900 level.
Please refer below chart : 1day Time Frame
2) On 15min time frame, we can see temporary resistance and support trendline.
Breakout on either side will give in the that direction.
Please refer below chart : 15min Time Frame
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Trade Setup for Date: 27-12-2021
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.
