Market Overview For 16th January 2023

January 16, 2023 by Ayush Anjana · 1 min read


The broader Market Indices opened flat positive , initially slides down taking support at 17800 and 41900 both indices opened with sharp upmove

Nifty Daily Chart 

  • Nifty again defended 17800 and bounced closing above 17950
  • Broader Range visible for nifty is 17800-18250
  • Nifty has been trading in a downward channel for a long now 
  • Once that is broken along with 18250 , we can witness some strength in the index

Nifty 45 Minute chart analysis 

  • On smaller time frame we can witness a triple bottom around 17800
  • With the bounce witness on friday , high chances of a gap up opening
  • Key levels to watch on upside will be 18250

Nifty 15 Minute chart

Banknifty Daily Chart

  • Banknifty respecting the confluence zone of 41700-41800 bounced and closed above 42300
  • Banknifty on daily chart is within an inside bar formation with resistance around 42700
  • We can see a trendy move once that inside bar breakout occurs any side

Banknifty 45 Minute chart analysis 

  • Banknifty opened above 42100 , initially slides down till 41900 and a sharp bounce comes till 42300
  • There is triple bottom formation near 41850-41900 which is going to be important support
  • Further downside only if 41850 is broken and sustained for more than 15 minutes

Banknifty 15 Minute chart