🛑BANKNIFTY trading below 21DMA this will act as Resistance (39647), - 50 DMA will act as Support , 38264 level will be crucial to hold banknifty - Bank Nifty WEEKLY Pivot is at 39618.2
🛑 keys Levels to watch out for day traders ◽resistance is at 38900-39000 -with the stop loss of 38850 - we can see target of 39300
◽ Support Levels is at 38400-38300 - with SL of 38570 - we can see Target of 38000
🛑 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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