Simple Trade Setup | BANKNIFTY | 21-12-2021 [ INTRADAY ]

20 Ara 2021

BANKNIFTY

Observations:

1) On 1day time frame, it is just closed at the parallel channel bottom trendline.

Please refer below chart : 1day Time Frame.


2) On 1 hr time frame,it decisively broke the trendline and closed below it.
Now this trendline will work as support if it trades above this and it will work as resistance if it trades below it.

Please refer below chart : 1hr Time Frame.


3) Again on 1 day time frame, we can see that it has major support range at 33952-34000 level. Below that it will be very weak.

Please refer below chart : 1day Time Frame.


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Trade Setup for Date: 21-12-2021

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.