Simple Trade Setup | BANKNIFTY | 04-10-2021 [INTRADAY]

BANKNIFTY

Observations:
1) On 1hr time frame, if you can remeber from my past BANKNIFTY TRADE setup that we have a parallel channel support for BANKNIFTY.

On Friday,01-10-2021, it took support from the upper trendline of that parallel channel.

I am also putting that previous idea in which I talk about that parallel channel. Please refer it in link section at the bottom of this article.

Please refer below chart : 1hr Time Frame.


2) On 15min time frame, we can see that upper trendline of that parrallel channel. Which is a strong support for Banknifty. Untill and unless it is trading above it, Banknifty is having primary trend as bullish.

Please refer below chart : 15 min Time Frame.
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Trade Setup for Date 04-10-2021:

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 respsective level considering how price action works near that level.