Simple Trade Setup | AXISBANK | 18-10-2021 [ INTRADAY ]

17 Okt 2021

AXISBANK

Observations:
1) On 1 day time frame, it is taking support from 21DMA.
Currently 21 DMA is placed at 789.68 level.

From OI data, We can establish that immediate resistance is at 810 and major resistance is at 820 level.

Please refer below chart : 1day Time Frame.


2) On 1hr time frame, we can see that it is in parallel channel support zone area and took support from middle trendline of it.
Upper trendline will work as resistance. Sustainable breakout of it will give bullish move.

Please refer below chart : 1hr Time Frame.

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Trade Setup for Date 18-10-2021:

Most of the levels will remains the same as per previous setup.

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.