Simple Trade Setup | HDFC BANK | 23-11-2021 [ INTRADAY]

22 Nov 2021

HDFCBANK

Observations:

1) On 1day time frame, it closes below 200DMA.
But it has tendency to trade very less period of time below 200DMA.
Will it be a fake breakdown or it will jump from here tomorrow?

200DMA is placed at 1521.29.

Please refer below chart : 1 day Time Frame.


2) On 1 day time frame we can see level 1550 is major breakout level.
1500 is immediate support and immediate resistance is at 1525 level.

Please refer below chart : 1 day Time Frame.


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Trade Setup for Date: 23-11-2021

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.