Trading_hawk

Simple Trade Setup | NIFTY | 22-10-2021 [INTRADAY]

NSE:NIFTY   Nifty 50 Index
NSE:NIFTY

Observations:

1) On daily time, since it was trading far away from it's short DMA, which is 10DMA so this kind of correction was necessary.
Today, it finally came near to 10DMA and it managed to close above 10DMA.
And all major 3 gaps are filled above 18000 level.

Please refer below chart : 1day Time Frame.

2) On 15min Time frame, major critical support zone is at 18042 to 18060.

Please refer below chart : 15min Time Frame.
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Trade Setup for Date 22-10-2021:

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.