Simple Trade Setup | NIFTY | 03-01-2022 [ INTRADAY]

1 gen 2022

NIFTY

Wishing you all a happy new year. All the best for this new year 2022.
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Observations:

1) On 1 day time frame, it is trading just below 100DMA which will be major resistance.
And it is trading above 21DMA which will be major support.

21DMA is placed at 17163.79 and 100DMA is placed at 17425.43 level.

Please refer below chart : 1 day Time Frame.


2) Also On 1 day time frame, we can see it is closed just below the major resistance channel.

Please refer below chart : 1 day Time Frame.



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Trade Setup for Date: 03-01-2022

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.