Simple Trade Setup | NIFTY | 13-09-2021

10. Sept. 2021

NIFTY

Observations:

1)On 15min time frame,we can see that it has been taking support from parallel channel since 02-09-2021. Breakdown of lower trendline of parallel channel will give down move and middle trendline is working as support and resistance in both the way.
Breakout of middle trendline will give upmove till the upper trendline. And breakout of upper trendline will make NIFTY bank to give bullish move.

Please refer below chart : 15 time frame.


2) On 15min time frame, Level 17370 is working as support and resistance level. It is a critical level. Breakout of this level will give up move easily till 17410 and if it keep on facing resistance from it then it will give down move.
If on Monday,13-09-2021, it opens Gap up and gets support from 17370 then it will be quick buy entry.

Please refer below chart : 15 time frame.


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Trade Setup for Date 13-09-2021:

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.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.