NIFTY
Observations:
1) On 1day time frame, we can see it gave breakout of the resistance channel.
Now it is in between 100DMA and 200DMA.
In last trading session it didn't managed to reach 100DMA but sustain above 200DMA with gap up.
200DMA will work as major support 100DMA will be immediate hurdle. If it trades above it then it will work as support.
100DMA is placed at 17380 level range.
200DMA is placed at 16997 level range.
Please refer below chart : 1day Time Frame.
2) On 15min time frame, I have drawng temporary support trend-line and short term support channel.
Please refer below chart : 15min Time Frame.
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Trade Setup for 21-03-2022
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.
