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.
Comment
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One might have get small short trade. But for me no trade.
After following your chart analysis, I got inspired and identified wedge pattern on Maruti and NTPC but unable to decide how they will breakout. Please guide me or post your setup for tomorrow trade. Both have good volumes currently and I am looking for PE or CE buying. Hope you will help.
Trading_hawk
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@TauseefDawn, this on 15min time frame in NTPC. this is support channel if it breaks down and trade below it then you can take ITM/ATM put option. Which will be at 135PE.
And safe buy trade if NTPC gives breakout and trade above today's high. avoid gap up or gap down trade.
TauseefDawn
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@Trading_hawk, Thanks a million. Now I understood thoroughly. Gr8 & instant help from you
@TauseefDawn, and this is for maruti support channel on 15min time frame.
IF it give breakdown of this support channel then can take ATM/ITM put trade 8100PE. Target can be 8000 and 7950 but keep SL as per your capital at risk
TauseefDawn
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@Trading_hawk, Awesome explanation. I appreciate your kind assistance.