Market Overview For 12th December 2022

December 12, 2022 by Ayush Anjana · 2 min read

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The broader Indian Market opened with gap up where nifty from the initial tick had selling pressure falling from 18666 to 18420 and bounced back to 18500 whereas banknifty initially consolidated and gave a breakdown falling towards the 43350 levels and bounced sharply

Nifty Daily Chart 

  • Nifty Gives a weak closing below 18600 which was previous all time high
  • Although historically most of the big candles on daily end up being inside bars 
  • Nifty range visible is 18420-18600 , once if broken can expect some trendy move

Nifty 45 Minute chart analysis 

  • Opening with a gap up around 18666 , nifty observed strong selling pressure from the very start
  • Heading lower directly from 18666 to 18420 , from where it bounced to 18500
  • Key levels to watch are 18420 on the downside and 18550 on the upside

Nifty 15 Minute chart https://www.tradingview.com/x/8UJg5bhY/

Banknifty Daily Chart 

  • Banknifty had a roller coaster ride for traders on friday
  • After initial consolidation , bank nifty corrected towards 43350 levels and bounced back sharply to close above 43600
  • Trend is strongly positive until banknifty trades above 43300 on a closing basis 

Banknifty 45 Minute chart analysis 

  • Banknifty opens with a gap up and consolidates between 43850 to 43640 for initial hours , followed by a breakdown leading to a fall towards 43350
  • But the element that came out as a surprise was the momentum when it bounced again closing above 43600
  • Key levels to watch are 43700 on the upside and 43520 on the downside

Banknifty 15 Minute chart https://www.tradingview.com/x/0NdxKVlR/

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