Simple Trade Setup | BANKNIFTY | 15-11-2021 [ INTRADAY]

12 Nov 2021

BANKNIFTY
Observations:

1) On daily time frame, it is still holding it above 50DMA and also 38500 level range. Which is a good sign.
38500 is immediate critical support level.

Please refer below chart : 1 day Time Frame.


2) On 15 min time frame, it is facing resistance from falling parallel channel. sustainable breakout of it will give good upmove.

Please refer below chart : 1day Time Frame.


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Trade Setup for Date: 15-11-2021

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.