NIFTY
Observations:
1) On 1day time frame, it bounce from 200DMA which was last major support and closed just below 100EMA.
200DMA is placed at 16811 and 100EMA is placed at 17357 level on 1day time frame.
100DMA is immediate resistance. If it trades above it then we can see further upmove.
Also it again back in the support channel. Middle trendline of this channel will work as resistance as of now and again if it gives breakdown of the bottom trendline of channel then we can see down fall again. Breakout of upper trendline of the channel we can see up move.
I am expecting some trading in this support channel range only for few days.
Please refer below chart : 1day Time Frame.
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Trade Setup for 16-02-2022
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.
