Simple Trade Setup | BANKNIFTY | 16-11-2021 [ INTRADAY]

BANKNIFTY

After gap up opening it went down and was sideways.
Our trade setup and levels remains most of the same.

Observations:

1) On 15 min time frame, It traded mostly under the resistance parallel channel. It opened above this channel and went back inside it. But good thing is that it didn't breakdown below it.
Also it took support from 38600 level range.

Level of 38500 and 38600 are immediate support.
Immediate resistane is at 38800.

Please refer below chart : 15 min Time Frame.

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Trade Setup for Date: 16-11-2021

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.