Simple Trade Setup | BANKNIFTY | 31-01-2022 [INTRADAY]

29 Jan 2022

BANKNIFTY

Observations:

1) On 1 day time frame, it closed just above 100DMA.
100DMA is at 37596.89 level.
currently it is immediate support. Below this it can try to test 37500 and 37000 level.

Please refer below chart : 1day Time Frame.


2) On 1 hr time frame, we can see the triangle pattern in long-term with resistance channel and support channel.
We will keep this in mind for all futher trade setup and for our reference.

Please refer below chart : 1hr Time Frame.


Zooming in the same chart for recent price action for reference.
Please refer below chart : 1hr Time Frame.


Same chart on 15min time frame.
Please refer below chart : 15 min Time Frame.


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Trade Setup for 31-01-2022

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.