Simple Trade Setup | BANKNIFTY | 22-10-2021 [INTRADAY]

21 thg 10, 2021

BANKNIFTY
Observations:

1) On 15min time frame, we can see a major support trendline. As far as it is above this we will not see major downfall.
Breakdown of this will lead to major downfall.

Please refer below chart : 15 min Time Frame.


2) Also On 15 min time frame, we can see major support zone is from 39284 to 39350. In worst case it can come down to this range and may give reverse.
Breakdown of this range will make Banknifty weak and bearish.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date 22-10-2021:

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 respective level considering how price action works near that level.