Market Overview For 30th August 2022
August 30, 2022 by Ayush Anjana · 2 min read
The Indian broader Indices opened with a gap down with a good up move since the opening. Nifty opened around 17165 and rallied up getting rejected from the 17370 levels which previously was a support whereas banknifty after rallying consolidated between 38162 -38385 levels. Nifty-IT was the biggest laggard yesterday falling more than 1000 points (3.53%) and the only positive sectoral index was Nifty-FMCG.
- Nifty futures opened gap down around 17250 and with open equals to low rallied up crossing around 17370
- The broader trend changes once it gives a closing below the 17250 level.
- Observing the 17500-177650 inside bar range which was broken with a gap , the key level to watch is 17500 where if it gets rejected then we can see a move towards 17250 again.
Nifty Futures 45 minute chart analysis
- With a rally post the gap down , the key decision level to watch is 17470-17500.
- And on the downside , until yesterday’s low is intact we can consider 17250 as support
- Downtrend to continue only if 17250 is broken and sustained below for more than 20 minutes
Nifty Futures 15 minute chart https://www.tradingview.com/x/9cAJb5FP/
- Banknifty opened gap down and rallied but was showing less strength as compared to nifty
- With 38800-38900 being broken , the next support area discussed yesterday was 38000 which was respected
- Currently as per price action range visible is 38000-38800
Banknifty Futures 45 Minute chart analysis
- With a gap down not getting a follow up and rallying up , it was clear that there was some buying interest around 38000
- Key decision levels to watch based on smaller time frames are 38800 on the upside and previous day’s low on the downside
- Expecting a rangebound movement between 38000-38800
Banknifty Futures 15 minute chart https://www.tradingview.com/x/pVdD4LYv/