Simple Trade Setup | SUN PHARMA | 02-05-2022 [INTRADAY]

SUNPHARMA

Observations:

1) On 1day time frame, we can see it made inverted hammer in up trend and after making new high it was facing huge selling.

If it starts to trade below this candle's low which is 919.55 then the pressure of selling will start. And as per technical levels 920 is breakdown level and 900 is last major breakdown level of it.

Please refer below chart : 1day time frame.

-------------------------------------
Trade Setup for 02-05-2022

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.