Market Overview For 17th February 2023

February 17, 2023 by Ayush Anjana · 2 min read

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The broader Market Indices opened with a gap down and started coming down where banknifty closed around 41600 , again into the range and nifty was relatively strong as it was able to defend previous day’s high and close above 18000

Nifty Daily chart

  • Nifty give relatively stronger close than bank nifty and close above 18000
  • Breakout retest around 17850-17900 can be observed for a good risk to reward
  • The structure will become weak if nifty again re-enters the consolidation range and concludes a breakout failure

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap up around 18100 , making a high of 18130 fell till 18000
  • Key levels to watch are PDH (18130) and 17850-17900 (breakout retest levels)

Nifty 15 Minute chart https://www.tradingview.com/x/xSmDPkOU/

Banknifty Daily chart

  • Banknifty opens with a gap up and re-enters the consolidation range which is quite weak signal
  • Historically whenever a range is broken with a gap up and breakout fails with a re-entry into the range on same day , has been followed by weakness
  • Range visible 41750-41260

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap up and corrected till 41530 , closing around 41630
  • Breakout failure after a gap up indicates the need to be cautious on the long side
  • Key levels to watch are 41750 and 41260

Banknifty 15 Minute chart https://www.tradingview.com/x/4B3hc02a/

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