Market Overview For 16th December 2022

December 16, 2022 by Ayush Anjana · 2 min read


The Broader market Index opened gap down where nifty was weak and banknifty initially started going up got rejected from 44100 level consolidating between 44100 and 43980 , which when broke banknifty has a panic selloff  till 43400

Nifty Daily Chart 

  • As we discussed yesterday that strength in nifty to follow only once 18680 is broken
  • Nifty daily chart structure looks like a head and shoulder in formation
  • Once 18400 is broken on downside we can test the 18150 level 

Nifty 45 Minute chart analysis 

  • Nifty opens with a gap down , testing yesterday’s close slides down with no green candle on 45 minutes
  • The level of 18450 getting broken shows the weakness in structure
  • Key levels to watch are 18450 on the upside and 18200 on the downside

Nifty 15 Minute chart

Banknifty Daily Chart

  • Banknifty breaks the 43980 level and witness a selloff till 43400
  • 43300 is going to be very important level for the bulls in bank nifty
  • Once we close below 43300 , we can see the weakness continue in banking index
  • Until above 43300 , rangebound between 43300-44150

Banknifty 45 Minute chart analysis 

  • Banknifty opens with a gap down , initially there was some buying till 44100 where it got rejected and consolidated till 43950
  • Once 43950 was broken , there was a selloff till 43400
  • Key levels to watch are 43300 on the downside and 43800

Banknifty 15 Minute chart