NIFTY
Observations:
1) On 1day time frame,it managed to sustain above 10DMA. But, it is still below 21DMA.
If it gives sustainable breakout of 21DMA then we can see an upmove.
21DMA is placed at 17416.77 and 10DMA is palced at 17304.52.
Please refer below chart : 1day Time Frame.
2) On 15min time frame, we can see that it has made double bottom pattern in range of 17240-17260.
Immediate breakout level is 17360.
Please refer below chart : 15min Time Frame.
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Trade Setup for Date: 15-12-2021
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.
