Market Overview for 10th August 2022

August 10, 2022 by Ayush Anjana · 2 min read


Indian Markets have been showing good momentum since mid june with Nifty-50 rallying more than 2000 points and banknifty more than 5500 points. During the same Nifty Auto and Nifty fmcg have shown good momentum with both trading at new all time high. Nifty-IT was among the weakest sectoral index during the last few months which consolidated for a month between 26300-28500 levels and ended up breaking that level on the upside.

Nifty-50 Futures

The broader Index has been trending with a good momentum since 15200 levels with consecutive four green weekly candles based on which going forward there may be a pause .

  • On a daily basis , nifty traded in a tight compression for the first week of august between 17175-17500 levels
  • The same range was broken on upside on  Monday ,8th august 2022 

Analyzing Nifty from a daily time frame gives us the broad picture which in complement with a smaller time frame shows key decision levels

  • On a 45 minute chart , the nearest support is 17400 unless this is broken , the uptrend is intact with no near term resistance visible!
  • In case if nifty opens within Monday’s range flat or gap down , the key decision levels are going to be Previous day’s high and 17400 level, break of which will resume trend anyside! 

            Nifty futures 45 min charts:-

Nifty-50 trend intact until above 17400!

Banknifty Futures

The banking index has been on par with the strength nifty has shown. On a weekly basis banknifty took a support at the march 2022 levels of 32280 and has reversed back trending till 38287 as of now.

  • On a daily basis , banknifty traded in a broad range of 37250-38200 levels which was broken on the upside giving a close at 38287 on Monday.
  • On various time frames , 38200 was a crucial resistance which was tested multiple times and broken

Banknifty futures 45 min chart analysis

  • banknifty futures after giving the 38200 breakout did a retest on smaller time frame.
  • As per the closing , bank nifty looks strong . but for the flat and gap down open scenario , the key decision levels will be previous day’s high ( 38370) and 37700 levels
  • How banknifty futures react around those levels will be key for a further trendy move

Banknifty  45 minute chart:-