Simple Trade Setup | NIFTY | 03-02-2022 [INTRADAY]

2 Feb 2022

NIFTY

Observations:

1) On 1 day time frame, it closed just above 21DMA.
21DMA is placed at : 17768.74, which means 17770 is immediate support. Above this level it is bullish below this it is slight bearish.
Major support is in range of 17600-17650. Below this range only it will be in bearish bias.

Please refer below chart : 1day Time Frame.


2) On 1 day time frame, If you remember from my previous trade setup, after giving closing above this support channel yesterday, today it continued upward journey.
Please refer below chart : 1day Time Frame.


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Trade Setup for 03-02-2022

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.