Market Overview For 8th September 2022
September 8, 2022 by Ayush Anjana · 2 min read
The broader Indian Indices opened gap down and witnessed open equals to low pattern and consolidated. Nifty futures respected the 17520 support and banknifty futures opened around 39340 and consolidated getting rejection at higher levels around 39660-39700 which was previously the support as per smaller time frame
- Nifty future continues to consolidates within the inside bar formation between 17440 and 17850
- Good trendy move on cards post the range breakout in either of the direction
- Highly likely we can see an upside breakout from the inside bar candle , logic being in the last few days most of the gap down ended up getting filled and surged upward after open.
Nifty Futures 45 minute chart analysis
- Yesterday nifty futures opened gap down but respected the 17520 support level which was discussed and closed near to day’s high
- Key levels to watch are 17770 on the upside which if broken and sustained for more than 20 minutes can witness a good up move
- Within 17520-17770 expecting a rangebound market.
Nifty Futures 15 minute chart https://www.tradingview.com/x/K6AvIfSI/
- Banknifty Futures re-enters the consolidation range of 39800-38000 on a daily chart
- With a gap down yesterday , still the monday’s low was respected and it bounced back
- Personal bias is still bullish with 39300 being intact on a daily basis .
Banknifty Futures 45 Minute chart analysis
- Yesterday we discussed that if 39600-39660 level is breached in case of a gap down then 39600-39660 will act as resistance and can be rangebound with support at 39000
- Key decision level to watch are 39660 and 39300 (PDL) in case of a flat opening
- If 39660 is broken and sustained for more than 20 minutes , expect a bit of bullishness
Banknifty Future 15 Minute chart https://www.tradingview.com/x/FOuBNMCG/