Market Overview For 19th September 2022

September 19, 2022 by Ayush Anjana · 2 min read


The Indian broader indices opened with a gap down and there was a follow up downside momentum observed in nifty from the starting and banknifty once 41000 was broken and sustained. All the sectoral indices ended up in red with cnx-IT falling more than 3.5% , smallcap and midcap indices falling more than 2.5% each . Nifty-IT has a major support around 26250 until it is broken , fresh short position in IT not favourable from a risk reward perspective

Nifty Futures 

Daily Chart

  • Nifty opened gap down on friday ,sustaining below the crucial support area of 17800-17840 , the downward momentum continued closing around 17566
  • Nifty looks rangebound between 17250 -17900 as per daily chart
  • Upside momentum only if  18125 broken on daily close 

Nifty Futures 45 Minute chart analysis

  • As we discussed in the last analysis, 17800 will be important and if it is broken and sustained , downside momentum to follow.
  • Key decision level to watch are 17840 on the upside (PDH) which will now  act as a resistance and 17500 on the downside
  • In case of a flat to gap down opening , how the index reacts to 17500 level will be important , further downside to follow once sustained below 17500 
  • Rangebound between 17500-17840 otherwise

Nifty Futures 15 Minute chart

Banknifty Futures 

Daily Chart

  • Banknifty opened gap down on friday ,where for the first 15 minute some buying come in but it was trapped with a selling pressure and bank nifty closed around 40800 levels
  • As per the daily price action , banknifty  looks rangebound between 39900-41800
  • The trend is still intact , banknifty trading within the inside bar of 14th sept 
  • Correction until 39900-40000 will be a good opportunity for fresh long as per the risk reward offered at that juncture

Banknifty Futures 45 Minute Chart Analysis

  • Banknifty opened gap down below 41200 and even with a pullback it got rejected from there and downward momentum continued
  • Key decision levels to watch are 41200 (PDH) and 40600 . downside momentum to continue if 40600 is broken and sustained for more than 20 minutes
  • Otherwise looks rangebound between 40600-41200

Banknifty Futures 15 Minute chart