Simple Trade Setup | TATAPOWER | 22-11-2021 [ INTRADAY]

20 Nov 2021

TATAPOWER

Observations:

1) On 1day time frame, it is trading above 21DMA and 21DMA is immediate support.
Breakdown of it will make it bearish.

21DMA is placed at 231.04 level.
So we can say that 230-232 level range is immmediate support zone.

Please refer below chart : 1 day Time Frame.


2) On 1day time frame, we can see it gave breakdown of the trendline with bearish candle.

If it bounce back and take resistance from this trendline then it will be confirmation of bearish trend.

Please refer below chart : 1 day Time Frame.


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Trade Setup for Date: 22-11-2021

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.