NIFTY
Observations:
1) On 1day time frame, we can see it is near the major swing range from where it has given good up move in Aug-2021 year.
Range of 16130-16175 will be critical range. below 16130 it will be more bearish and if it takes support from this range then we can see bounce from here.
Please refer below chart : 1day Time Frame.
2) On 15min time frame, we can see resistance channel. to go bullish again it has to trade above this resistance channel.
Till then every bounce up will be sell of from this channel. At this moment, market is sell on rise.
Please refer below chart : 15min Time Frame.
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Trade Setup for 07-03-2022
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.
