Simple Trade Setup | BANKNIFTY | 07-09-2021 [INTRADAY]

6 set 2021

BANKNIFTY


Observations:

1)On 1 hr Time frame we can see that it has been trading in ascending channel pattern. And now taking support from the upper trendline of channel pattern.
Breakdown of upper channel pattern will give good down move.

Please refer below chart : 1hr time frame.


2)On 1 hr Time frame we can see that Critical level for BN is 36254 level.
Please refer below chart : 1hr time frame.



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Trade Setup for Date 07-09-2021:

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.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Do not hold your trade for long time. This is for intraday setup for 07-09-2021 only. One who are good with scalping can make trade on both the sides.
Breakdown of 36518 level will give good down move.