Market Overview For 7th September 2022
September 7, 2022 by Ayush Anjana · 2 min read
The Broader market opened near yesterday’s high and corrected where banknifty futures took support near the 39660 area and nifty futures took support near the 17600 area , post the support both the indices bounced where bank nifty was stronger to head towards day’s high and got rejected near the day’s high and consolidated within the range.
Nifty Futures
Daily Chart
- On a daily basis nifty futures analysis remains the same
- Still consolidating within the inside bar range of 17440-17850
- We can witness decent trendy moves once the inside bar range is broken either side on a closing basis.
Nifty Futures 45 minute chart analysis
- On a smaller time frame nifty futures have been trading within the range of 17520-17760
- If there is a flat opening key level to watch remains the same range of 17520 on the downside and 17760 on the upside
- In case there is a gap down opening below 17520 , key level to watch will be 17520 on the upside and 17430 on the downside which is the inside bar support as per daily chart
Nifty futures 15 minute chart https://www.tradingview.com/x/gs7Cy08T/
Banknifty Futures
Daily Chart
- Banknifty futures still trades above the breakout zone of 39700-39800 on a daily chart basis
- Until Monday’s low of 39450 is protected on a closing basis , bank nifty can head higher as the price structure
- Upward momentum to continue once yesterday’s high of 40100-40175 is taken out
Banknifty Futures 45 minute chart analysis
- On a smaller time frame , key support level to watch for are 39600-39660 until it breaks this and sustains for more than 15 minutes we can head higher
- Once 39600 is taken out in case of a gap down , key level to watch are 39000-39600 where banknifty can be rangebound
Banknifty futures 15 minute chart https://www.tradingview.com/x/yGSCUkzQ/