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 https://www.tradingview.com/x/9u74kcrD/
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 https://www.tradingview.com/x/9u74kcrD/