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

Daily Chart

  • 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

Banknifty Futures

Daily chart

  • 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