Market Overview For 24th August 2022
August 24, 2022 by Ayush Anjana · 2 min read
The Indian indices opened gap down yesterday , making open equals to the low of the day headed higher ,closing around the day’s high. Though the indices showed strength the swings and volatility was quite high throughout the day. Among the sectoral indices , CNX-Auto was the leading index and CNX-IT was the laggard. As discussed yesterday that the broader trend is positive ,tuesdays low will be a key decision point
- The index opened higher respecting the 17340-17370 support level which was discussed yesterday and closed around 17585
- Yesterday’s low will be a crucial support , can expect rangebound market between 17340-17800
- Broader uptrend still intact.
- If the index closes below 17340 then the possibility of correction.
Nifty futures 45 min chart analysis
- The index closed around days high , in case of a flat to gap up opening , the key decision level to watch will be 17530-17580
- The resistance on a smaller time frame around 17820-17860.
- If the index sustain below 17530-17580 band for more than 20 minutes , the index can approach the 17340-17370 level
Nifty Futures 15 min chart https://www.tradingview.com/x/uZ9T673s/
- banknifty futures opening around 38000 started going up from the first tick, respecting the 38200 support level which was discussed
- The key decision level to watch for further continuation of uptrend is 39000 which if faces rejection
- Then the index may be rangebound between 38000-39000
- With a broader positive trend still intact until yesterday’s low is held.
Banknifty futures 45 min chart analysis
- On a smaller time frame 39000 is the resistance level
- With a rangebound expectation between 38500-39000 for intraday which is the breakout level for yesterday’s intraday breakout leading the index to close around day’s high
- Key levels to watch are 38500-38570 and 39000-39100
Banknifty Futures 15 min chart https://www.tradingview.com/x/hdpkmSqc/