NIFTY
Observations:
1) On daily time frame, we can see that 50 DMA range is working as support and before touching it, it gave good upmove movement. Now it is in between 21DMA and 50DMA.
50DMA will work as support. 50DMA is placed at 17592.53
21DMA will work as immediate resistance. 21DMA is placed at 18015.91 level.
Please refer below chart : 1day Time Frame.
2) On 1hr time frame, we can see that it gave breakout of the trendline and closed above it.
Please refer below chart : 1hr Time Frame.
Trade Setup for Date 02-11-2021:
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.
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.
