Market Overview for 12th August 2022
August 12, 2022 by Ayush Anjana · 2 min read
The Indian Indices opened with a gap up on Thursday and stayed flat throughout the day. But the price action was opposite for nifty and banknifty as nifty opened at a high and slided down during the day whereas banknifty ended up closing near to the day’s high. Nifty IT opened with a 2% gap up and ended up consolidating the whole day. Nifty-IT on daily time frame approached the 30570 resistance zone which is being tested thrice , a daily close above which will bring in more strength.
The broader Index opened around the crucial resistance discussed yesterday of 17740-17800 and the nifty slided down closing around 17684.
- As per daily chart the gap ended up weak , for fresh long positions waiting for a close above 17800 will be a good decision
- Until yesterday’s high is intact , nifty may fill the 17600 level , with key support area to look for being around 17400-17450
- Nifty bias - Flat to bearish with a range of 17400-17750
Nifty Futures 45 Minute analysis
- In case of a flat to gap down opening the key decision level to look for are 17580 (wednesday’s high and gap fill area) and yesterday’s high of 17750
- If those levels are respected on smaller time frame of 15 minutes , can be a consolidating day
- Intraday bias flat until range bound between 17580-17750 on 15 minutes chart
Nifty futures 45 min chart https://www.tradingview.com/x/5kiv2XJB/
Unlike nifty -50 opening high and sliding down , banknifty ended up closing near day’s high. As today being friday marks a weekly close which if happens above 39000 will give strength to the banking index
- Fresh positional long favourable above 39000 weekly close.
- With crucial support in case of any dip being at 38200 levels
- Positional bias range bound between 38200-39000 on daily close
Banknifty futures 45 min chart analysis
- In case of a gap up opening above 39000, how the index responds to the 39000 level will be decisive.
- Whereas in case of a flat to gap down opening , Decision level to watch out are 39000 and 38670 (previous days low) break on which on 15 min will open chances of index visiting 38200-38400
- Intraday bias range bound between 38670-39000 on 15 min chart!
banknifty futures 45 minute chart :https://www.tradingview.com/x/50sLgtCy/