Market Overview for 11th August 2022

August 11, 2022 by Ayush Anjana · 2 min read


The Indian Indices yesterday opened flat and stayed within the first 30 Minutes range . As we discussed the importance of the 38200 breakout level where banknifty futures ended up taking support and reversed. Nifty-50 Futures also had the same structure. Indices getting reversed from the previous breakout zones on smaller time frames is a strong sign and unless there is no reason to go short just because the market has surged up quite well recently. Among the sectoral indices nifty-metals was the strongest and Nifty-IT being the weakest yesterday

Nifty-50 Futures

The broader Index made a flat close reflecting a Inside bar formation on daily time frame. Even though the Index has surged quite a lot in the recent past , how it reacts around the decisive levels will reflect the upcoming action. 

  • From the price structure of nifty-50 daily chart one such decisive level will be 17740-17800 and in case of a big gap up at the open today , index behaviour around that must be observed and act accordingly
  • For today’s expiring the possible range could be above 17500 based on the bullish price action!

Nifty Futures 45 Minute analysis 

  • In case of a big gap up which ends up correcting from the day’s high , the key level to watch will be the previous day’s high of 17585.
  •  Be a little cautious for fresh Intraday long around the 17740-17800 levels and look for inside bar formation on 15 min charts for directional intraday trades 
  • Intraday flat to bullish bias until above 17500 for a 15 minute close 

Nifty futures 45 min chart:-

Banknifty Futures

As discussed yesterday, the 38200 level was respected and the index ended up in a range bound between 38200-38450!

  • Bank nifty daily chart structure suggests a good resistance around 38760-38900. For positional trade fresh longs more favourable once that resistance is taken out
  • For today’s Expiry expecting a range between 38200-38900!

Banknifty futures 45 min chart analysis

  • In case of a big gap up around the 38760-38900 , how the index behave on smaller time frames will decide further move but there may be a sell of around that level keeping in mind the resistance on daily chart
  • In case of flat to gap down open , banknifty levels to watch out for decisive moves are 38450 (Previous day’s high) and 38200 which is an important support.

Banknifty futures 45 minute chart link:-