Market Overview for 16th February 2023

February 16, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened with a gap down initially there was a selling which had no follow through move , where both the indices consolidated followed by a strong upmove which made bank nifty close above 41700 and nifty above 18000

Nifty Daily Chart

  • Nifty gives a breakout from the 17900 resistance as well as the downward parallel channel
  • The structure looks bullish until nifty trades above 17800
  • We can see one way move also as the inside bar consolidation breakout is also there

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap down yet there was no follow through down move and it headed higher with strength and closed above 18000
  • We can see  strength with key levels to watch as 17900-18250
  • Weakness only if we break below 17850 and sustain for more than 15 Minutes

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Bank nifty gives a breakout from the 41700 resistance level and inside bar range
  • Higher chances that banknifty can test 42700-43000 in the upcoming sessions 
  • With crucial support level around 41350

Banknifty 45 Minute chart analysis 

  • Banknifty Opened with a gap down and corrected till 41450 , consolidation there followed by a strong upmove till 41730
  • Since 41700 was taken out with good momentum higher chances of a gap up opening
  • Key levels to watch are 41600 on the downside and 42100 on the upside 

Banknifty 15 Minute chart