Market Overview For 14th February 2023

February 14, 2023 by Ayush Anjana · 2 min read

blog-feature-image

 The Broader Market Indices Opened flat and corrected where nifty fell till 17720 and banknifty fell till 41150 and bounced closing around 17770 and 41282 respectively

Nifty Daily Chart 

  • Nifty trading within the inside bar range of 17900-17600
  • Till now we can observe that nifty was in downward parallel channel where lower end acted as support and upper as a resistance
  • Since again nifty closed below 17850 after two days of no strength above 17850 which was an important resistance , structure remains sell on rise

Nifty 45 Minute chart analysis 

  • Nifty opened flat , tested previous day’s high and got rejected , falling till 17720 and bounced consolidating in a range
  • The structure on lower time frame looks like a breakdown with 17800 as reference
  • Key levels to watch are 17650 and 17900

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

Banknifty Daily Chart 

  • Banknifty closed below 41300 after getting rejected from 41700 levels
  • Currently bank nifty is trading within an inside bar range of 41750 and 41000
  • The structure remains sell on rise until we get a good daily close above 41750

Banknifty 45 Minute chart analysis

  • Banknifty opened around previous day’s high and got rejected from 41700 ,falling till 41150 and bounced closing around 41280
  • Key levels to watch are 41080 and 41500 
  • We can see some weakness if 41100 is taken out and sustained for more than 15 Minutes

Banknifty 15 Minute chart https://www.tradingview.com/x/ir9Wytra/

LET’S WORK TOGETHER