Simple Trade Setup | BANKNIFTY | 07-03-2022 [INTRADAY]

5 mar 2022

BANKNIFTY

Observations:

1) On weekly time frame, 34000 is major critical level. sustainable breakdown of it will give intraday fall. And closing below it make it bearish to test 32800 intermediate support and 32000 major support.

Please refer below chart : Weekly Time Frame.


2) On 1hr time frame, we can see rounding top pattern. Which is bearish pattern.
breakdown of 34000 will make it bearish.

Please refer below chart : 1hr Time Frame.


3) On 15min chart we can plot short term resistance channel.

Please refer below chart : 15min Time Frame.

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Trade Setup for 07-03-2022

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.