Market Overview for 29th August 2022

August 29, 2022 by Ayush Anjana · 2 min read


The Indian indices opened with a gap up on friday , getting rejected from the thursday’s high on the futures chart both indices corrected making lower low and lower high structure on intraday charts. What came out of surprise was the last 30 minute volatility in banknifty where it fell from 39315 to 39030 and then in the next 15 minute went from 39030 to 39450 as the high.

Nifty futures

Daily chart

  • Nifty futures on a daily chart have formed an inside bar candle which ever side it breaks can be trendy
  • The previous swing low of 17370 will be a key level which if broken on downside can lead to the gap filling around 16950-17000
  • Resistance being at swing high of 17760

Nifty futures 45 min chart analysis

  • With even a gap up opening on friday but getting rejected from the thursday’s low confirms the bearish pullback around the 17760 level
  • Key decision level in case of flat opening are 17760-17500 , in case of a gap down opening below 17500 , key decision levels to watch are 17500-17370

Nifty Futures 15 min chart

Banknifty Futures

Daily Chart

  • banknifty futures also forming an inside bar on daily chart
  • Between 38900-39500 which ever side is broken can lead to a trendy move
  • Broader range on daily looks like 38000-39700 which if broken on downside can lead to the previous breakout area around 36700

Banknifty Futures 45 Minute chart analysis

  • The index opened with a gap up got rejected from previous days high and consolidated for the day
  • Getting multiple rejection from 39500 levels on smaller time frame looks like seller having a grip around that area 
  • With 38900 being taken out for more than 20 minutes it will give strength to the bears and can lead the index to 38000 area
  • Key levels to watch in case 38900 taken out area 38000-38200 

Banknifty futures 15 min chart