Market Overview For 12th October 2022

October 12, 2022 by Ayush Anjana · 2 min read

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The Indian Market Opened flat and banknifty slides down followed by a bounce to the days high , failed there to sustain the break of day’s high and got rejected closing with a fresh day’s low with heavy selling pressure in the end of the session , Nifty was relatively weaker than banknifty  and closed below 17000

Nifty Futures

Daily Chart

  • Nifty Futures closes below 17000 
  • Nifty has given a parallel channel breakdown which looks bearish
  • Highly likely we can retest the 16800 support level 
  • Strength to follow only if 17420 is broken else it would be sell on rise

Nifty Futures 45 Minute chart

  • Nifty Futures opened flat around 17200 plus levels and it plunged from the open as high for the day
  • Sustaining below 17050 which was yesterday’s low gave strength to the bears and nifty fell below 17000
  • Key levels to watch for are 17100 on the upside and 16800 with given importance to the structure which is bearish

Nifty Futures 15 Minute chart https://www.tradingview.com/x/afwxyOYN/

Banknifty Futures

Daily Chart

  • Banknifty was relatively stronger than nifty yesterday with Monday’s low still intact
  • Once 38600 is taken out we can head towards 38000
  • With a bearish structure on various timeframes , strength to follow only if 39800 is taken out

Banknifty Futures 45 Minute chart

  • Banknifty opened flat trading in a range whose low was taken out in the ending of the session 
  • The structure looks bearish as 39000 is taken down 
  • Key levels to watch for will be 39000 and 38200 on the downside

Banknifty Futures 15 Minute chart https://www.tradingview.com/x/QlGsazj5/

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