Simple Trade Setup | DLF | 20-12-2021 [ INTRADAY ]

Observations:

1) On 1day time frame, it closed between 100DMA and 21DMA.
21DMA is immediate resistance and 100DMA is major support.
21DMA is placed at 396.98 so range of 395-400 will work as resistance.
100DMA is placed at 379.98 so range of 380 is major support.

Please refer below chart : 1day Time Frame.

2) On 1 hr time frame,it is at the support channel. If it sustain and takes support then we can see a bounce in it.
But on breakdown of it, we can see down move.

Please refer below chart : 1hr Time Frame.

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Trade Setup for Date: 20-12-2021

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.