Simple Trade Setup | BANKNIFTY | 21-03-2022 [INTRADAY]

19 Mar 2022

BANKNIFTY

Observations:

1) On 1hr time frame, we can see the range of 36400 to 36650 is make or break. If it keep on trading above this range and sustain above it then the market sentiment will be bullish and this range should work as support.

But if it fail to sustain above it and gives breakdown of it and faces resistance from it then this range will become resistance zone.


Please refer below chart : 1hr Time Frame.


Please refer below chart : 15min Time Frame. For a channel. Which will act as support or resistance.


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Trade Setup for 16-03-2022

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.