NIFTY
Observations:
1) On 1 day time frame, if you remember this support channel from my previous trade setups then we can see that now it is back in this support channel and closed around the middle trendline of this channel.
Also if you apply 100EMA on 1 day time frame, then it closed decisively below it.
100EMA is placed at 17363.23 level.
Please refer below chart : 1day Time Frame.
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Trade Setup for 08-02-2022
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.
