Market Overview For 16th November 2022

November 16, 2022 by Ayush Anjana · 2 min read


The Indian broader Indices opened within the previous day’s range sliding down from the open where nifty took support at 18280 and banknifty at 42080 and bounced back with good momentum closing at fresh high for the day. Among the sectoral indices , banks and auto stocks had been leading yesterday

Nifty Daily Chart

  • Nifty closes above 18400 levels with good momentum 
  • With the broader trend being strongly positive , overhead resistance at all time high levels of 18600 
  • Crucial support around 17950

Nifty 45 Minute chart analysis

  • Nifty opens around previous day’s high levels and gets rejected at open 
  • Taking support at 18280 levels nifty bounced back with strong momentum , breaking the 18380 resistance level closing at 18400
  • Key levels to watch in case of flat opening are 18380 and 18250

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty breaks the 42300 resistance and trades at new all time high 
  • bank nifty has been respecting the trendline support since 37400 levels which can be seen on daily charts
  • With the broader trend positive , crucial support around 41200

Banknifty 45 Minute chart analysis 

  • Banknifty opens around previous day’s high and gets rejected going down to 42080
  • Taking support around 42100 bank nifty bounced back with strong momentum heading towards 42430
  • Key levels to watch for are 42270 above which the momentum may continue

Banknifty 15 Minute chart