Market Overview For 23rd August 2022

August 23, 2022 by Ayush Anjana · 2 min read

The Indian markets continued the down move , both indices correcting more than 1.5% along with all sectoral indices being in red ,the least corrected being Nifty-Fmcg. The broader trend for nifty on a larger time frame is still intact above 17160 on futures with just the parabolic up move being taken out with the last two days' fall.

Nifty Futures

Daily chart

• Nifty futures breaks the 17580 support level which was a decision level 
• Correcting more and closing at day’s low17492
• The same level of 17580 will act as a resistance and support area around 16950-17050

Nifty futures 45 min chart analysis

• With 17580 being taken out , the same can be low risk area for creating bearish position on a rise as it will act as a resistance
• On a smaller time frame , 17370 was a confluence area in the past which can be observed and if there is a bounce 
• Expect rangebound movement between 17370-17580
• Bearish momentum to continue if 17370 is taken out and sustained for more than 20 minutes

Nifty futures 15 min chart https://www.tradingview.com/x/TE6omTEz/

Banknifty Futures 

Daily chart

• Banknifty futures broke below the 38800-39000 support area which shall act as a resistance 
• Correcting near to -1.7% and closing around day’s low which makes a gap down highly probable.
• On a daily basis , the support area is around 37300-37500.

Banknifty Futures 45 Min chart analysis

• With 38800-39000 , taken out which we discussed if taken out , the index can head towards 38300
• Previously 38200-38300 was a breakout level before which the index consolidated in that area .
• For intraday if 38200 is respected ,can be rangebound between 38200-38800
• In case 38200 is taken out , the bearish momentum to continue

Banknifty futures 15 min chart https://www.tradingview.com/x/j6gfNyXe/