Market Overview For 26th August 2022

August 26, 2022 by Ayush Anjana · 2 min read


The Indian indices opened with a gap up observing smooth and easy decay till 2pm yesterday post which nifty corrected 230 points and banknifty corrected 650 points from their day’s high. Smallcap index closed positive yesterday showing good relative strength in terms of the broader indices

Nifty Futures 

Daily chart

  • Nifty futures trading in a inside bar formation for the last three days with the high of 17750 and a low of 17370
  • Once the index gives a breakout from this inside bar formation can be trendy in that direction
  • Even with yesterday’s steep correction in the last hour , nifty future closed around wednesday’s low 
  • Expecting rangebound movement between 17370-17750

Nifty Futures 45 Minute chart analysis

  • On smaller time frame the index respected the 17750 looking like a bearish breakdown pullback 
  • Key level to watch are 17750 on the upside which is yesterday’s high and 17370 support 
  • Once the 17370 support level is broken and sustained for more than 20 minutes we can see some follow up in the fall

Nifty Futures 15 min chart

Banknifty Futures 

Daily chart

  • banknifty  futures got rejected from its thursday’s high of 39500 and ended up correcting below 39000
  • Even though the index corrected more than 600 points from its high yesterday , it ended up within the wednesday’s range 
  • Expecting consolidation between 38000-39700

Banknifty 45 min chart analysis

  • With the steep fall in the end that on a expiry day (monthly) without a follow up down move it is hard to say that we may see continuation of the fall
  • 39900 which was previous resistance is still intact 
  • Key levels to watch in case of flat opening is 38700-38900
  • Sustaining below 38700 for more than 20 minutes will give strength to the bears

Banknifty futures  15 minute chart