Simple Trade Setup | BANKNIFTY | 27-01-2022 [INTRADAY]

BANKNIFTY

Observations:

1) On 1 day time frame, it closed just above 100DMA. And also it made bullish engulfing candle.
And it managed to close above 37700 level.

Please refer below chart : 1day Time Frame.

2) On 15 min time frame, it closed above the resistance channel. And also it made rounding bottom pattern and closed just above the neckline of it.

Please refer below chart : 15 min Time Frame.

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Trade Setup for 27-01-2022

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.