Market Overview for 28th September 2022

September 28, 2022 by Ayush Anjana · 2 min read


The Indian Broader Indices opened higher with a gap up and faced some selling pressure at previous day’s high and got rejected falling below the previous day’s low but there was no follow up down move , indices bounced re-entering the previous day’s range being rangebound

Nifty Futures

Daily Chart

  • Nifty traded within the previous day’s range.
  • The structure is bearish post the breakdown from the parallel channel
  • Once 17000 is taken out on a closing basis , high chances of visiting the 16500-16600 area

Nifty Futures 45 Minute chart analysis

  • Nifty Futures opened with a gap up yet got rejected from previous day’s high and broke the day’s low  also there was no follow up
  • Key levels to watch are 16950-17200
  • In case of a gap down opening below 17000 , we can use 17000 as sell on rise

Nifty Futures 15 Minutes chart

Banknifty Futures 

Daily Chart

  • banknifty futures trading within the previous range consolidation of 38000 and 39900
  • Based on previous range and the follow up move , we can see a bit of consolidation 
  • Short term structure is weak until below 39900 and the same level retest on the upside whether it breaks or gets rejected will be the key based on larger time frame
  • Key support level to watch would be 38000

Banknifty Futures 45 Minute chart analysis

  • banknifty Futures opened within the previous day’s range got rejected and closed near to yesterday’s low
  • Key levels to watch are 39150 on the upside and 38100 on the downside
  • Breaking below 38100 and sustaining can see good follow up on the downside

Banknifty Futures 15 Minute chart