Market Overview for 17th August 2022

August 17, 2022 by Ayush Anjana · 2 min read


The broader index nifty opened gap up on 16th August and ended up consolidating for the rest of the trading session whereas the bank nifty index opened with a gap up but got resistance at a higher level and slide down consolidating for the rest. Yesterday smallcap index and midcap index outperformed the broader index. Among all the sectoral indices nifty auto went up by more than 2.5% after breaking the 13050 resistance level which was discussed in yesterday’s sectoral analysis and the momentum to continue in auto index as it trades at new all time high

Nifty Futures

Daily chart

  • Nifty futures ended up sustaining above the trendline resistance closing above 17800.
  • Momentum to continue as the price structure suggests that at every swing low the index future  are being bought
  • Highly likely we are approaching the 18300 resistance level until above 17650-17750

Nifty futures 45 minute analysis

  • The index future did a freak opening around 17895 which was not seen on the spot at the open and consolidated for the day
  • Key intraday levels to watch are previous day’s high (17895) and previous day’s low (17750)
  • If the levels are broken on a 15 min close either side ,we can expect intraday trend.

Nifty futures 15 min chart link

Banknifty Futures

Daily chart

  • Banknifty futures sustained trading above the previous resistance levels 38800-39000.
  • But yesterday’s daily candle was a doji on the futures chart whose high and low are important for intraday 
  • From a positional perspective , banknifty  looks bullish . key support area for fresh long positions around 38800-39000

banknifty futures 45 chart

  • banknifty opened with a gap up went up and got rejected from the 39450 level which will act as fresh resistance for intraday
  • Getting rejected from 39450 , banknifty  went below the days low and consolidated
  • banknifty yesterday bounced from 39150 levels whereas 39100 was friday’s close
  • Key levels to watch for intraday are 39450 on the upside and 39100-39150 on the downside 

banknifty  futures 15 minute chart link