Simple Trade Setup | NIFTY | 01-02-2022 [INTRADAY]

31. Jan. 2022

NIFTY

Observations:

1) On 1 day time frame, it closed just below 100EMA. Which is placed at 17346.7
And during all the day it was taking resistance from 17400-17410 level range.

Range of 17400-410 is now immediate major resistance.

17320 is immediate support. And immdiate support after that is at 17280. And major support range is at 17250-17265.

Breakdown of this range 17250-17265 can lead it to give down fall. And we migh see nifty testing 17140-17125 levels.

Please refer below chart : 1day Time Frame.



2) ALso on 1 day time frame we can see that it took resistance from the upper trendline of the channel.
and managed to close with green candle.

Please refer below chart : 1day Time Frame.


3) Just keep this channel for your reference on 15min time frame, it can work as support or resistance at this moment.

Please refer below chart : 15min Time Frame.


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Trade Setup for 01-02-2022

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.