Market Overview For 13th January 2023

January 13, 2023 by Ayush Anjana · 2 min read


The broader Market opened nearly flat followed by a spike on the upside where it got rejected and fell . nifty traded below 17800 for a while and banknifty below 41800 but again there was a v shape recovery and closed above 42000

Nifty Daily Chart

  • Nifty hovering around the 17800 support zone for a while now
  • We can see weakness once we break below 17800 on a closing basis
  • Friday post the US CPI Data release , the market moreover will decide the action around the same level
  • Personal bias is upside is favourable from a risk reward perspective

Nifty 45 Minute chart analysis 

  • Nifty trading within a small consolidated range of 17800 and 17950
  • We can see a trendy move , once this range is broken and sustained 
  • With the current volatility and absurd spikes , trading reversal in the direction of the spike around key level can be a good plan

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty trading within an inside bar formation of 42700 and 41800
  • The structure remains rangebound to bearish until below 42700
  • Risk reward favours long more than short at current juncture until we dont give a closing below 41800

Banknifty 45 Minute chart analysis

  • Banknifty opened flat , tested PDH and got rejected , breaking the 42050 level it fell till 41755 with good amount of spikes and again bounced closing around 42080
  • Key levels to watch are 42300 and 42800
  • We can see some strength once 42300 is taken out for more than 15 Minutes

Banknifty 15 Minute chart