Simple Trade Setup | NIFTY | 04-02-2022 [INTRADAY]

3 Şub 2022

NIFTY

Observations:

1) On 1 day time frame, it face resistance from 21DMA and closed below 100DMA.
Now next support is at 50DMA.

Please refer below chart : 1day Time Frame.


2) If you remember support channel, then we can see it closed almsot just at the upper trendline of channel.

Please refer below chart : 1day Time Frame.


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Trade Setup for 04-02-2022

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.