Simple Trade Setup | BANKNIFTY | 01-02-2022 [INTRADAY]

BANKNIFTY

Due to space constrain, I am able to write levels only.
Most of trade setup will remain same as per previous. Only difference will be that we might see more volatile and big moves.
Better to trade with strict SL and be quick in booking profit. Due this budget event most of option premium are high, and once this event is over then we might see high premium decay on Wednesday for OTM options. Better to book profit on same day only.
For observation, better to check previous day trade setup, which is given in related link at the last of this.

Trade Setup for 01-02-2022

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.