Market Overview For 3rd October 2022

October 3, 2022 by Ayush Anjana · 2 min read


The Indian Broader Indices opened flat on friday , headed lower hovering around the previous day’s low before the RBI meet and as soon as the interest rate hike of 0.5% was announced , the market treated it positively rallying more than 1.6% for nifty and 2.5% for banknifty 

Nifty Futures

Daily Chart

  • Even though we have witnessed a good rally on intraday post the rbi decision on interest rate hike , the short term price structure is weak
  • Until above 17250 daily close , there is no confirmation of a strong up move
  • Retest of the parallel channel and whether it closes above or fails getting rejected will also be key in deciding the next trendy move
  • Currently looks rangebound between 17250-16750

Nifty Futures 45 Minute chart analysis 

  • Hovering around the previous day’s low after opening flat before the rate decision followed by a strong rally with good volumes on daily chart
  • Key level to watch on upside will be 17250 , previous support which will now act as a resistance
  • And friday’s low will also be important for the fresh long position taken on friday when index closed 1.6% positive 
  • Rangebound between 17250-16750

Nifty Futures 15 Minute chart

Banknifty Futures

Daily Chart

  • Post the RBI interest rate decision , bank nifty also rallied outperforming nifty , yet the structure is weak until below 39850
  • banknifty  looks rangebound between 39850-37600
  • Upside strength to follow only once 39850 is taken out 

banknifty Futures 45 Minute chart

  • banknifty witnessed a sharp rally on friday
  • Key levels to watch are 39200 on the upside and 38200 on the downside which is thursday’s low breaking below which can revisit 37600
  • Sustaining above 39200 for more than 15 min will provide strength to the bulls

Banknifty Futures 15 Minute chart