NIFTY
Observations:
1) On 1day time frame, it closed just above 50DMA.
50DMA is placed at 17842.59.
If it goes down till 50DMA and takes support from it then we can see a bounce from it.
If it fails to hold above 50DMA then it will be bearish.
Please refer below chart : 1 day Time Frame.
2) On 1hr time frame, we can see that it is at the bottom of the parallel channel.
Please refer below chart : 1 hr Time Frame.
Trade Setup for Date: 18-11-2021
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.
