Market Overview For 2nd September 2022

September 2, 2022 by Ayush Anjana · 2 min read


The broader Indices opened a gap down and from the initial minute started surging upward. Nifty rallied more than 200 points and banknifty more than 700 points from the open. banknifty faced rejection around Tuesday’s high and corrected from 39650 to 38980 and bounced back up from the day’s open.

Yesterday’s  expiry was full of volatility and IV spikes which is why indices options were also priced comparatively higher than the last expiry

Nifty Futures

Daily chart

  • Nifty futures forming an inside bar on daily within the range of 17440-17850
  • Within the same range nifty looks rangebound
  • Breaking of the range either side will have trendy moves given the consolidation since the last few days between the same range.
  • Consolidation gives a proper structure and generally a breakout after good consolidation is very good

Nifty Futures 45 Minute chart analysis

  • For the yesterday’s expiry as discussed yesterday  nifty in spite huge volatility ended between the range of 17500 and 17800
  • Key levels to watch still remains same with 17500 on downside and 17800-17850 on the upside
  • Once 17800-17850 is broken on upside and sustain we can witness some good up move
  • Considering the fact that even though the index have been opening gap down in the last couple of days yet every time it is getting bought.

Nifty Futures 15 Minute chart

Banknifty Futures

Daily chart

  • Banknifty is consolidation near an important resistance between 38000-39800
  • Once the 39800 is broken on the upside we can witness some good trendy move
  • Even considering the last two days , bank nifty is also forming an inside bar between 38600-39800
  • There can be a trendy move either side the inside bar range is broken

Banknifty Futures 45 minutes chart analysis

  • Since couple of days with gap down opening , the gaps are getting bought 
  • As per smaller time frame banknifty futures looks rangebound between 39000 (from where it bounced on thursday) and 39800 (previous day’s high)
  • One observation to be made is that 39800 is tested multiple times , any level which gets tested multiple times becomes weak and thus close above 39800 will see good upmove
  • Support being 38800-39000

Banknifty Futures 15 min chart