Market Overview For 7th October 2022

October 7, 2022 by Ayush Anjana · 2 min read

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The broader Indian Indices opened with a gap up and while banknifty broke the day’s high in the first half , nifty was still consolidating within the day’s range till then. Banknifty breakout of day’s high failed and there was a selling pressure where both the indices closed near to fresh day’s low

Nifty Futures

Daily Chart

  • Nifty opened gap up and closed near to fresh low for the day
  • Yesterday’s low will be important for bulls as a close below that level confirms the retest of the breakdown and downside move can resume post  a negative pullback
  • Looks rangebound between 17450-17180

Nifty Futures 45 Minute chart analysis

  • Nifty Futures opened gap up consolidated and then broke the day’s range in downside closing near to fresh low for the day
  • Key level to watch would be 17420 (PDH) and 17180 (support area) within which we can expect range bound movement
  • Upside momentum can come if 17420 is broken and sustained for more than 15 Minutes

Nifty Futures 15 Minute chart https://www.tradingview.com/x/FBYlM40Z/

Banknifty Futures

Daily Chart

  • Banknifty  futures opened gap up , gave a follow up move yet got rejected from the 39800 level which is previous box range resistance
  • 39200-39000 will be important to watch for bulls as it there is a break below that the recent breakout will fail 
  • Upside momentum to continue if 39800 is broken 
  • Until then looks rangebound between 39000-39800

Banknifty Futures 45 Minute chart analysis

  • banknifty futures opened with a gap up and consolidated breaking the high of the range but it failed and selling pressure was witnessed
  • Considering the parallel channel that banknifty is trading on smaller time frame , the price closed near the trendline support
  • Key levels to watch would be 39800 (PDH) and 39200

Banknifty Futures 15 Minute chart https://www.tradingview.com/x/JhIKlSzq/

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