Simple Trade Setup | BANKNIFTY | 04-01-2022[INTRADAY]

BANKNIFTY

Observations:

1) On 1 day time frame, it gave good bullish move after trading above 200DMA. 200DMA will be major support now.
But it is still below 100DMA. 100DMA will be major resistance now.

Please refer below chart : 1 day Time Frame.

2) Also On 1day time frame, it gave breakout of resistance channel with good bullish candle.
In worst case it may go to test the upper trendline of the resistance channel to make it as a support.

Please refer below chart : 1day Time Frame.

3) Also on 1 day time frame, it is near the zone from where is has been giving down move in recent past.
Good bullish move only on sustainable breakout of this zone.
This zone is placed in 36510-36665.

Please refer below chart : 1day Time Frame.

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Trade Setup for Date: 04-01-2022

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.

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