Simple Trade Setup | NIFTY | 02-02-2022 [INTRADAY]

1 Feb 2022

NIFTY

Observations:

1) On 1 day time frame, it took support from 100EMA and remained below 100MA.

17640 is immediate resistance.
17350 is immediate major support.

Please refer below chart : 1day Time Frame.


2) Also on 1 day time frame, it managed to close above the parallel channel.

Please refer below chart : 1day Time Frame.


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Trade Setup for 02-02-2022

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.