Simple Trade Setup | NIFTY | 29-10-2021 [ INTRADAY]NSE:NIFTY
Observations:
1) On 15 min time frame, we can see that it closed near to it's critical support zone area 17765-17785 level.
If it sustain above this range then it have chance to go up again. Breakdown of this range will make the market bearish.
Please refer below chart : 15min Time Frame.
2) On 1hr time frame, we can see that it came back to the major support trendline. If you see in previous session it was taking good support from it.
So tomorrow if it sustain and takes support from this trendline then it will be bullish again.
Please refer below chart : 1hr Time Frame.
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Trade Setup for Date 29-10-2021:
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.
