Market Overview For 15th September 2022

September 15, 2022 by Ayush Anjana · 2 min read

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The Indian market opened gap down following the effect of the US inflation data and as we discussed in yesterday’s market overview that 17840 is the previous breakout retest level. Both the indices from the opening tick started rallying upward and for banknifty as soon as previous day’s high was taken out there was a huge short covering rally being witnessed.

Nifty Futures

Daily Chart

  • Following the US inflation data nifty opened with a big gap down and started surging up
  • Even with a big gap down and global market being weak , nifty futures respected the 17800 support level
  • The index looks bullish as every gap down is getting filled and a close above 18100 will witness a good momentum
  • Highly likely we may see a new All Time High 

Nifty Futures 45 Minute chart analysis 

  • As discussed yesterday that in case of a gap down , we must observe how the index reacts around 17840 levels 
  • And as it respected that level and bounced back closing above 18000
  • Key levels to watch for a flat opening are 17950 and 18120
  • In case of a gap down 17840 is still a key support area

Nifty Futures 15 Minute Chart https://www.tradingview.com/x/mouK42fj/

Banknifty Futures

Daily Chart

  • banknifty opens gap down and shoots up from the opening tick and as soon as previous days high is taken out 
  • There is huge short covering rally witnessed in the index closing around 41420
  • With previous Ath at 41500 , banknifty  looks bullish and ready for a new All Time High
  • Until above 40350 , looking for support area to add fresh positional longs would be favourable risk reward

Banknifty Futures 45 Minute Chart analysis 

  • As discussed yesterday that in case of a gap down how the index reacts to 40350 will decide further action
  • As it respected and bounced breaking the PDH of 40750 , a short covering rally followed
  • Key levels to look for are 41650 (PDH) and 41000 on the downside 
  • Expect a rangebound expiry within 41350-40750 and until above 41350 trendy upward

Banknifty Futures 15 Minute Chart https://www.tradingview.com/x/pIO7E8cj/

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