Simple Trade Setup | KOTAK BANK | 17-11-2021 [ INTRADAY]

16 Nov 2021

KOTAKBANK

Observations:

1) On daily time frame,it closed and sustain above 10DMA
10DMA is placed at 2077.23 level.

Immediate support is 2080 level.
Immediate major support is 2050 level.

Immediate resistance is at 2100.
Major breakout level is at 2125 level.

Please refer below chart : 1 day Time Frame.


2) On 1hr time frame, it has been taking support from the parallel channel. Breakdown of this channel will lead it to bearish.

Please refer below chart : 1hr Time Frame.


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Trade Setup for Date: 17-11-2021

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.