BANKNIFTY Levels for Wednesday !

23 Kas 2021

🛑BANKNIFTY trading below 21 and 50 DMA
- Taking support from 100 DMA
- Bank Nifty WEEKLY Pivot is at 38281


🛑 Keys Levels to watch out for day traders
◽Resistance is at 37500-37600
-with the stop loss of 37400
- we can see target of 38000


◽ Support Levels is at 36900-36800
- with SL of 37000
- we can see Target of 36500


🛑 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
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have a nice day