Market Overview For 9th September 2022
September 9, 2022 by Ayush Anjana · 2 min read
The Broader Indian Indices opened gap up on thursday , banknifty was way stronger than nifty in relative strength the whole day. Banknifty opened above 39600 level which was a key decision level and surged upwards , Nifty too closed above the 17770 level which was a resistance on smaller time frames.
Banknifty looks good as individual stocks like icici bank , sbi are at ATH , kotak mahindra bank and axis bank are near a normal breakout.
- Nifty Futures closed above the smaller time frame resistance level of 17770
- A close above 17850 on friday will confirm the inside bar breakout and we can witness a good up move post that
- With support on the downside at 17500.
- Expecting bullish momentum in the coming week
Nifty Futures 45 Minute Chart Analysis
- Nifty was a relatively week yesterday in the first half to banknifty but after taking support at day’s low at 17700 , it bounced back closing around 17832
- Key level to watch for are 17850 and 17680 , sustaining above 17850 for more than 20 minutes will be bullish
Nifty Futures 15 Minute chart https://www.tradingview.com/x/vC44zqDW/
- banknifty opened gap up and rallied closing above 40300 which is a fresh breakout on daily chart
- The breakout looks promising reason being the long consolidation between 38000-39800
- The larger the consolidation before a breakout , the better it is. Personally expecting strong momentum in banknifty in the upcoming week
- Considering that icici bank and SBI are at new ATH
Banknifty Futures 45 Minute chart analysis
- As we discussed yesterday that sustaining above 39600 for more than 20 minutes in case of a gap up will be bullish
- After the gap up bank nifty rallied breaking the 40000 hurdle closing above 40300 on futures
- Expect a good trendy move on upside with support at 40000
Banknifty futures 15 minute chart https://www.tradingview.com/x/h0wDHLPB/