Market Overview For 6th September 2022

September 6, 2022 by Ayush Anjana · 2 min read

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The broader market indices opened within the previous day’s range , banknifty surged above the previous day’s high in the first 15 minutes and sustained above that level for the rest of the day. Nifty also had the same price structure. CNX-Metals and CNX-Media were the outperforming sectoral indices.

Nifty futures

Daily chart

  • Nifty futures still trading in an inside bar formation
  • The longer it consolidates within the inside bar , the larger the trend on the breakout and the probability.
  • Nifty futures within 17440-17850 looks rangebound

Nifty Futures 45 minute chart analysis

  • Nifty opened within the previous day’s range yesterday and unlike banknifty surged on the first 15 minute candle yet it stayed within the range of friday’s
  • Key decision levels to watch for are 17540 on the downside (previous day’s low) and 17760 on the upside 
  • Sustaining above the 17760 for more than 15 minutes can bring in strength to the bulls

Nifty Futures 15 minute chart https://www.tradingview.com/x/1quTP47l/

Banknifty Futures

Daily chart

  • Banknifty Futures closed at 39920 on a daily basis giving a breakout from the 39800 resistance which was tested multiple times
  • The index have given an inside bar as well as range breakout
  • banknifty looks bullish until above yesterday’s low
  • Highly likely we can see a trendy move on the upside considering the price structure of icici bank , kotak and hdfc bank

Banknifty Futures 45 minute chart analysis

  • banknifty futures opened within the previous day’s range and surged in the first 15 minute breaking the 39800 resistance level
  • Even though there was not much of a follow up move on the upside but it sustained above the 39800 level which is bullish
  • Key level to watch out for buy on dips will be 39750-39800

Banknifty Futures 15 minute chart https://www.tradingview.com/x/pxF8gNoc/ 

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