Simple Trade Setup | BANK NIFTY | 23-11-2021 [ INTRADAY]
BANKNIFTY
Observations:
1) On 1day time frame, it is managed to close above 100DMA.
100DMA is placed at 36987.45
We can see that major support range if 36980-37000 level range.
Please refer below chart : 1 day Time Frame.
2) On 1 day time frame also we can see that as per Fib retracement it is just above 61.8% level.
If it sustain above it and takes support then we can see a pull back for tomorrow only.
Please refer below chart : 1 day Time Frame.
3) On 1hr time frame, it has made rounding top pattern, which is a sign of bearishness.
And now it is just near to support range.
There can be two scenario, if it takes support from this support range then we can see a pullback.
But if it gives sustainable breakdown of it then it will continue to be bearish.
Please refer below chart : 1 hr Time Frame.
Trade Setup for Date: 23-11-2021
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.
