Simple Trade Setup | HDFC | 27-09-2021 [INTRADAY]
NSE:HDFC
Observations:
1) On Daily Time frame, it broke 10DMA on 23-09-2021 and on 24-09-2021 it took support from it and closed with green candle.
It has a characteristic to not to stay below 10 DMA for long time untill and unless there is some negative news about it.
Please refer below chart : Daily time frame.
2) On 30min time frame, it has made double bottom pattern and gave breakout. Next critical resistance is 2850 level.
[For positional trade] Sustainable breakout of 2850 level will make it bullish till target of 2900-2930 level for short to mid term.
Please refer below chart : 30 min time frame.
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Trade Setup for Date 27-09-2021:
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.
Observations:
1) On Daily Time frame, it broke 10DMA on 23-09-2021 and on 24-09-2021 it took support from it and closed with green candle.
It has a characteristic to not to stay below 10 DMA for long time untill and unless there is some negative news about it.
Please refer below chart : Daily time frame.
2) On 30min time frame, it has made double bottom pattern and gave breakout. Next critical resistance is 2850 level.
[For positional trade] Sustainable breakout of 2850 level will make it bullish till target of 2900-2930 level for short to mid term.
Please refer below chart : 30 min time frame.
-------------------------------------
Trade Setup for Date 27-09-2021:
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.
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