Simple Trade Setup | NIFTY | 01-11-2021 [ INTRADAY]

Oct 31, 2021

NIFTY

Observations:

1) On daily time frame, we can see that it has broken the support trendline which was given in previous trade setup.
Now it is near to it's 50DMA which is placed at 17565.31 level.

There will be chance that if it test this level and gets support then we can see a good bounce back.

And this bounce back will be to test the support line which was broken in last session.
One can take trade in this bounce till the trendline.
And once it faces the resistance from the trendline, then it will be short trade.

Please refer below chart : 1day Time Frame.


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Trade Setup for Date 01-11-2021:

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.