Market Overview For 29th September 2022

September 29, 2022 by Ayush Anjana · 2 min read


The Indian Broader Indices opened with a gap down on wednesday and headed up towards previous day’s low and got rejected witnessing a steep selloff in second half closing at a day’s low , in spite of the fall in the main indices sectoral indices like IT , Auto and pharma closed positive.

Nifty Futures

Daily Chart

  • Nifty after opening with a gap down headed high but could not sustain above 17000 for more than 10 Minutes getting rejected and fell to the day’s low
  • Nifty Futures on daily approaching the previous breakout zone of 16500-16700
  • We can expect a bit of pullback post a very good followup from the channel breakdown 
  • Yet the structure is bearish and will experience sell on rise 

Nifty Futures 45 Minute chart analysis

  • Post a gap down , nifty futures headed higher but could not sustain above 17000 for more than 10 minutes , got rejected
  • Key levels to watch for are 17050 on the upside and 16800 on the downside which was yesterday’s range
  • We can expect a trendy move outside the range if sustained for more than 15 minutes

Nifty Futures 15 Minute chart

Banknifty Futures

Daily Chart

  • The downward momentum on the banking index continues for the 6th day 
  • banknifty futures approaching the previous breakout level of 37400 around where there is a high probability of getting support
  • The followup move post the breakdown from the channel has been one way and expecting a pullback before any further continuation will be the appropriate way

Banknifty Futures 45 Minute chart analysis 

  • banknifty Futures opened with a gap down and headed higher getting rejected from 38400 level (PDL)
  • Closing around the days low breaking the range of the day 
  • Key levels in case of a gap down to flat opening are 38400 and 37400 which is the previous breakout level on larger time frame

Banknifty Futures 15 Minute chart