Simple Trade Setup | PIDILITE IND | 15-11-2021 [ INTRADAY]

PIDILITIND

Observations:

1) On daily time frame, it sustain to stay above 2400 level as well as 50DMA which is placed at 2392.97 level.
We can say that 2390-2400 level is immediate support range.
And major support range is as 2300 level.

Also, it looks like it, on 11 Nov 2021, it gave breakout from parallel channel and on 12 Nov 2021 it tested this breakout.
Now if it sustain above 2400 level and this parallel channel then we can see up move to continue.

Major breakout level is 2480 level. Above this we can see good upmove.

Please refer below chart : 1 day Time Frame.

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Trade Setup for Date: 15-11-2021

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.