Market Overview For 12th September 2022
September 12, 2022 by Ayush Anjana · 2 min read
The Indian broader Indices opened gap up on friday , hovering around the opening level for an hour or more , both the indices gave a breakdown on smaller time frames retested the previous day’s high and bounced. With 40000 for bank nifty and 17750 for nifty being intact , the trend is positive. Highly likely banknifty to outperform nifty in the coming session considering few of its heavy weight constituents trading at all time high.
- Nifty futures opened gap up above the inside bar range , with a gap up it corrected on intraday basis , retested previous day’s high and bounced
- The inside bar range was 17440-17835 , even though nifty futures ended up closing above the upper range , the momentum was missing!
- Monday’s close will be important as if we see nifty sustaining above 17835 we can see good up move
- Support area being around 17740-17835
Nifty Futures 45 Min chart Analysis
- Nifty opened with a gap up on friday , consolidated for the first hours and gave a breakdown on the smaller levels correcting to the previous day’s high
- Since the previous day’s high was respected , key decision level to watch for are 17830 (retest level) and 17950 (PDH)
- Opening flat within this level we can witness a rangebound consolidation
Nifty Futures 15 Minute chart https://www.tradingview.com/x/HHxkkKqK/
- Banknifty looks bullish as trading above the breakout of 39800-40000
- Support area to buy for a low risk area around 40000
- Overhead resistance visible at previous Ath of 41500 on a closing basis
Banknifty Futures 45 Minute chart analysis
- banknifty futures opened with a gap up on friday , consolidating in a range for an hour or more , it gave a breakdown on smaller time frames
- Heading towards the previous day’s high and bounced from there.
- Key decision level to watch are 40380 and 40700 within which we can witness a rangebound movement
Banknifty Futures 15 Minute chart https://www.tradingview.com/x/GuVl24EK/