Simple Trade Setup | WIPRO | 08-10-2021 [ INTRADAY]

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WIPRO

Observations:
1) On 1 day time frame, we can see that it has been taking support from 50DMA. Which is a good sign that the bottoming is done and down trend is restricted at this time.

Please refer below chart : 1day Time Frame.


2) On 1 hour time frame, 650 level is immediate resistance level and 640 is immediate support level.

Please refer below chart : 1hour Time Frame.

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Trade Setup for Date 08-10-2021:

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 respsective level considering how price action works near that level.

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