Market Overview For 17th January 2023
January 17, 2023 by Ayush Anjana · 2 min read

The Broader Market Indices opened with a gap up and both indices started coming down from the first 15 Minute high , where nifty closed below 17900 and banknifty below 42200
Nifty Daily Chart
- Nifty consolidating within 17800 - 18250 range
- Within the range , we can easily observe that sellers around the resistance are quite strong
- Once 17800 which is tested multiple times is broken we can see some more weakness till 17350
Nifty 45 Minute chart analysis
- From the initial tick , there was a weakness in nifty where during the day it continued making lower low and lower high
- Key levels to watch are 18000 on the upside and 17800 on the downside
Nifty 15 Minute chart https://www.tradingview.com/x/65CD6mAn/
Banknifty Daily Chart
- Banknifty opens around 42700 and getting rejected fell till 42160
- Within the inside bar range , the structure looks weak as the seller around resistance are strong
- Once the 41750-41800 level is taken out we can witness some more weakness in the index
Banknifty 45 Minute chart analysis
- Bank nifty opened with a gap up , went till 42700 got rejected and fell till 42200 from where there was a sharp spike upside but that also was sold closing at 42167
- Key levels to watch are 42500 on the upside and 41850
- The structure within the range is bearish
Banknifty 15 Minute chart https://www.tradingview.com/x/y9yLKfj0/