Simple Trade Setup | BAJAJ AUTO | 25-10-2021 [ INTRADAY]NSE:BAJAJ_AUTO
Observations:
1) On daily time, it took support from 50DMA and and closed below 200DMA. Good thing is that today it went up above 200DMA.
And now stucked with green candle between 50DMA and 200DMA.
Breakout of 200DMA will give it good up move. 200DMA is placed at 3882.65.
50DMA will work as immediate support.
Also volume has been increasing in last 4 days.
Please refer below chart : 1day Time Frame.
2) On daily time frame, we can see the immediate critical resistance zone is from 3873-3885.
Please refer below chart : 1day Time Frame.
3) On 1hr time frame now the resistance line worked as support trendline. It took support from it today.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date 25-10-2021:
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.
