Simple Trade Setup | BANKNIFTY | 29-12-2021 [INTRADAY]
BANKNIFTY
Observations:
1) On 1 day time frame, it is still trading below 200DMA and also it faced resistance from 10DMA.
To reach up to 200DMA it has to sustain above 10DMA.
10DMA is placed at 35322.39 and 200DMA is placed at 35708.93 level.
Please refer below chart : 1 day Time Frame.
2) Also on 1 Day time frame, we can see that it has made double bottom pattern. Major breakout range is at 35353 -35470 level range.
Please refer below chart : 1 day Time Frame.
3) On 15min time frame, we can see it has been forming double bottom pattern as well and immediate neckline to break is at 35280 level. However major breakout is at level 35300 level. So range of 35280-35300 will work as support if price trades above it and it will work as resistance if price trades below it.
Please refer below chart : 15 min Time Frame.
Trade Setup for Date: 29-12-2021
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.
