Sectoral Analysis for 16th August 2022
August 15, 2022 by Ayush Anjana · 3 min read
Sectoral Analysis for the week
Nifty-50
Weekly chart
- Concluding a breakout from the flat pattern
- 18350 weekly close will be new all time high as per weekly closing
Daily chart
- Nifty spot on daily time frame approaching the trendline resistance
- Near term support 17585
- Strength on a daily close above 17720-17750
banknifty
Weekly chart
- Weekly breakout of the 38900 level
- Retest area 38700-38900 area , low risk area for long with a complement of smaller time frame structure
- As per weekly structure , resistance at previous all time high levels
Daily chart
- Banknifty looking bullish giving a breakout from the 38900-39000 levels
- Support area as per daily chart are 38700-38900
- Just because the index have gone up in last few weeks doesn’t mean to go short , look for long setup near support levels until above 38700
CNX-Auto index
Daily chart
- Auto index trading in a range for a few days
- Between the 12615-13100 levels
- Strength to follow with a daily close above 13100 with support area at 12615-12665
CNX-Energy
Daily chart
- cnx -energy looking bullish with a low risk setup
- Giving a breakout from the 26800 resistance level
- With near term support being at 26380-26400.
- Can find bullish setup in individual stocks from the index also.
Nifty Fin Services Index
Daily chart
- Giving breakout from the 17620 levels
- Nifty fin services index looks rangebound between 17620-18770 with a bullish bias
- Support area 17600-17620
Nifty FMCG index
Daily chart
- Trading above the previous ATH breakout level of 41800
- Retest area of the same breakout being at 41500-41800
- Strength to follow with a daily close above the resistance of 43250.
Nifty-Infra Index
Daily chart
- Index trading above the previous resistance level of 4910 which currently acts as an support
- Index seems to be rangebound further as there are multiple overhead resistance at different levels
Nifty-IT Index
Daily chart
- IT index approached the 30570 resistance level and got rejected
- Momentum to come if a daily close happens above the 30570 resistance levels
- With near term support being at 28950
CNX-Media Index
Daily chart
- Media index looking weak getting rejected from the 2140 resistance level
- Being in a long term downtrend
- Weakness to follow up if the 2020 support levels are breached on the downside on a daily close
Nifty Metals Index
Daily chart
- Metal index looks rangebound between 5340-6200 levels
- With support area being at 5340-5400
- Overhead resistance at 6120-6200
Nifty Pharma Index
Daily chart
- Pharma Index on a broader view is downtrend
- Getting rejected from the 13050 resistance levels
- Weakness to follow if 12750 levels are breached on a daily close basis