Simple Trade Setup | NIFTY | 03-03-2022 [INTRADAY]

Mar 2, 2022

NIFTY

Level 16600 is still immediate resistance. Next resistance is at 16800 range. If it gives sustainable breakout of 16800 then we can see short covering which may give 120-150 points up move.

For down side 16500 is immediate support. If it gives sustainable breakdown of it then we can see long unwinding with 100-120 points quick down fall.
Intermediate support is as 16400 and then 16280-16300 is next major support.

Trade Setup for 03-03-2022

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.