Simple Trade Setup | NIFTY | 09-12-2021 [ INTRADAY]

8 Dis 2021

NIFTY
Observations:

1) On 1day time frame,Today, it trade above 10DMA.
But still trading below 21DMA.

10DMA is support now and 21DMA will be immdiate resistance now.

10DMA is placed at 17192.38. Hence we can say that 17190-17200 is major support now.
21DMA is placed at 17527.08 level. Hence we can say that 17520-17530 is resistance.

Please refer below chart : 1 day Time Frame.


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Today it couldn't give much move above our ultimate level of 17460 as per our previous tradesetup but it was able to close above it.
17460 is immediate support now.
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Trade Setup for Date: 09-12-2021

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.