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

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