Market Overview For 18th January 2023

January 18, 2023 by Ayush Anjana · 2 min read

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The broader Market Indices Opened around the previous day’s low and started going higher where initially both the indices faced some rejection from PDH yet after the retracement there was good buying in the end in nifty which made it close at fresh high for the day

Nifty Daily Chart

  • Nifty consolidating within the broader range of 17800 and 18250
  • Within the range it can be seen that around the resistance sellers are strong and around 17800 the buyer 
  • Clear trend direction can be seen once this range is broken on a daily close

Nifty 45 Minute chart analysis

  • Within the broader range of 17800-18250 , 18000 was a hurdle for the bulls which they seem to have passed 
  • Within the range once 18130 seems the high for the current week which the sellers would not like to give the control of
  • Key levels to watch are 17800 on the downside and 18130 on the upside

Nifty 15 Minute chart https://www.tradingview.com/x/t3A0Y3Tw/

Banknifty Daily Chart

 

  • banknifty still consolidating within the inside bar range
  • Once the inside bar range is broken , we can see a trendy move 
  • On daily time frame , there is some buying interest that is witnessed everytime banknifty comes around 41800

Banknifty 45 Minute chart analysis

  • Opened around previous day’s low , bank nifty went up but there was rejection from higher levels of 42350 post which it broke the open of the day went till 41850 and bounced
  • Key levels to watch are 42400 on the upside and 42100 on the downside

Banknifty 15 Minute chart https://www.tradingview.com/x/s6cP7FTa/

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