🛑BANKNIFTY trading below 21 and 50 DMA - Trading above 100 DMA - Bank Nifty WEEKLY Pivot is at 38917.8
🛑 Keys Levels to watch out for day traders ◽Resistance is at 38500-38600 -with the stop loss of 38500 - we can see target of 38800
◽ Support Levels is at 37800-37750 - with SL of 38000 - we can see Target of 37500
🛑 Rules to follow * avoid trade if market opens above/ below our levels - in other words , avoid if market opens at or above our resistance zone (Huge GAP up) - avoid if market opens at or below our support zone (Huge GAP down) (reason behind avoiding trade because market don't like gaps it will try to fill the gaps )
*if huge gap UP or DOWN happens then we have to just wait for price action and until fill the gap then we can take trade
*initiate the trade by using 5mins time frame chart , -if breakout happens and 5min candle closed above mentioned level then initiate trade - if breakdown happens and 5min candle closed below mentioned level then initiate trade (so point is candle must as close above / below our mentioned levels then initiate trade , while operating SL also same candle as to close below the levels)
* After initiating the trade we must have to wait until it will hit either TARGET or STOP LOSS
*initiate trade after immediate breakout / breakdown(possibility making profit is higher) ◽or one can initiate after retesting the level (possibility making profit is lower)
◽i hope that it will help a lot do like and follow for more have a nice day
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