Simple Trade Setup | HDFCBANK | 02-02-2022 [INTRADAY]

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HDFCBANK

Observations:

1) On 15min time frame, we can see it has been rejecting from the resistance channel and also it is having immediate resistance at 1500 level. Breakout of it can give easy 20 points up move and can also give another 20 points till 1540 level.

Please refer below chart : 15 min Time Frame.


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Trade Setup for 02-02-2022

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.