Market Overview For 22nd August 2022

August 22, 2022 by Ayush Anjana · 2 min read

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The Indian Indices ended up correcting more than 1% on Friday and among all Nifty-IT was the only index to close positive around 0.06% showing relative strength , which can be observed in the coming days. Although indices corrected the current trend is positive and a bit of correction or consolidation before we break the resistance is always good from a price structure perspective.Irctc from a relative strength outperformed the indices gaining 2.94% on friday and as per the price looks strong until above 705

Nifty Futures 

Daily chart

  • Nifty futures opened around 18000 on friday and corrected near to 1.23%. For the coming session the index looks rangebound between 17580-18100
  • The broader market trend is still positive and it should be the buy on dips approach across key support levels
  • If nifty futures break 17580 the index may correct more post which the crucial support being near 17100

Nifty futures 45 min chart analysis

  • On a intraday front , index fell from the 18000 level on friday which was the previous days high
  • Closing around the day’s low highly likely we may see a gap down 
  • Key decision levels to watch in case of a gap down is 17580-17600
  • And resistance for intraday to look around 17860-17880

Nifty futures 15 min chart https://www.tradingview.com/x/rx1sWX6f/

Banknifty Futures 

Daily chart

  • banknifty got rejected from the 39700-39800 resistance levels opening at high of the day and closing at day’s low
  • banknifty key level to watch is 38700-38800 which if respected , the index shall be rangebound between 38700-39700
  • In case of a gap down where 38700 is taken out , the index may head toward 38300 was a previous breakout level

Banknifty futures 45 min chart analysis

  • On friday the index opened at open equals to high and corrected closing near days low post a consolidation for few hours in the second half
  • Highly likely there may be a gap down considering the price structure on smaller time frame 
  • Key decision levels to watch are 38700-38800 which if respected can consolidate. Bearish momentum to continue if 38700 is taken out and sustained for more than 20 minutes
  • Resistance for intraday in case 38700 is respected is around 39400-39450

Banknifty futures 15 min chart https://www.tradingview.com/x/nxjleOVr/

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