Simple Trade Setup | NIFTY | 11-11-2021 [ INTRADAY]

10. Nov. 2021

NIFTY

Observations:

1) On daily time frame, it couldn't cross 21DMA and remained below it. But stayed above 10DMA.
It is still between 10DMA and 21 DMA.

Good thing is, it managed to close above 18000 level.

21DMA is placed at 18081.99
10DMA is placed at 17943.44

Please refer below chart : 1 day Time Frame.


2) Also on daily time frame, it is still trading above major support trendline.

Please refer below chart : 1 day Time Frame.


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Trade Setup for Date 11-11-2021:


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.