Simple Trade Setup | NIFTY | 04-01-2022[INTRADAY]NSE:NIFTY
Observations:
1) On 1 day time frame, it made a good bullish candle and close above resistance channel.
In worst case it may come to test support from this trendline and if it gets support then it will give buying opportunity.
Please refer below chart : 1 day Time Frame.
2) Also On 1day time frame, we can see that it gave breakout of 100DMA and 50DMA.
50DMA is placed at 17505.21. So range 17500-17510 will be immediate support.
And also it closed in the range of 17600-17650 from where it was taking rejection as well as giving down fall.
I have marked 17600-17650 as no trading zone for safe trade.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date: 04-01-2022
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.
