Market Overview For 16th September 2022

September 16, 2022 by Ayush Anjana · 2 min read


The Indian market Indices opened higher yesterday , bank nifty showed some strength in the initial 15 minute followed by a selling pressure where bank nifty futures fell from a high of 41855 to 41287. Nifty was comparatively even more weak than banknifty from the opening. Cnx-IT continues to show weakness and auto , energy and metal sectoral indices ended positive

Nifty Futures

Daily Chart

  • Nifty futures post the big green candle followed with an inside bar formation 
  • With 17800 being intact the trend is bullish 
  • It should also be noted that 18120 level has got rejected twice so upside momentum to continue only once that is taken out on a daily close
  • Weakness to follow only once 17800 is broken on the downside 

Nifty Futures 45 Minute chart

  • As per smaller time frame it is clearly indicated that nifty futures faced selling pressure around 18120
  • On the downside 17800 is breakout retest level below which we can see the selling pressure continue
  • Index look rangebound between 17800-18120

Nifty Futures 15 Minute chart

Banknifty Futures 

Daily Chart

  • Banknifty opened with a gap up but faced selling pressure at the higher levels
  • With previous ATH resistance at 41500 and last two days rejection of that level suggest that we may consolidate for a while for the next move
  • One more logic why there may be consolidation or mean reversion on the downside is because that banknifty is quite far from its last base of consolidation which was 40000
  • Bank nifty in an inside bar formation with the range of 40300-41500

Banknifty Futures 45 Minute chart analysis

  • Banknifty Futures opened with a gap around 41500 level , for the initial 15 minutes showed strength which faced rejection at higher levels and the selling pressure continues
  • Key decision level to watch are 41200 and 41800
  • Sustaining below 41200 , has higher chances of visting 40700 levels 

Banknifty Futures 15 Minute chart