Market Overview For 17-10-2022

October 16, 2022 by Ayush Anjana · 2 min read


The Broader Market Indices opened with a big gap up following the US inflation data release. Both the Indices saw no follow through post the gap opening , consolidated and closed with a red candle formation. From the Sectoral indices Nifty-IT closed positive with more than 1.5% followed by the results of infosys 

Nifty Chart

Daily chart

  • Nifty opens with a gap up and could not sustain above the inside bar range and closed within the inside bar range 
  • Closing again within the inside range gives a sign that until 17450 is taken out the trend is bearish 
  • Within 17250-16940 we can see rangbound movement
  • Once if 16940 is taken out on , we can see some downside followup move

Nifty 45 Minute chart analysis 

  • Nifty after opening with a big gap up , consolidated and gave a breakdown on smaller time frame chart
  • Key levels to watch are 17250 on the upside and 16940 on the downside 
  • Breaking the range and sustaining for more than 15 Minutes

Nifty 15 Minute chart

Banknifty Chart

Daily Chart

  • Banknifty closes within the inside bar range of 39450-38600 again post a gap up
  • Until 39800 is taken out the trend is negative
  • We can see downside momentum once 38600 is taken out on a closing basis until then rangebound within the inside bar

Banknifty 45 Minute chart analysis

  • banknifty opened with a gap up and consolidated within 39550 and 39200
  • In case of flat to gap down opening key level to watch would be 39150
  • Once 39150 is taken out and sustained on downside for more than 15 minutes we can see more downside
  • Upside momentum only once PDH of 39550 is taken out and sustained

Banknifty 15 Minute chart