Market Overview for 18th October 2022

October 17, 2022 by Ayush Anjana · 2 min read


The Indian Broader Market opened nearly flat ,both indices saw some selling but nifty took support at 17100 and banknifty at 39150 and bounced back closing at day’s high. Among the sectoral indices , banking stock were the strongest whereas metal stocks were the weakest  

Nifty Chart

Daily chart

  • Nifty opens flat and closes above the inside bar range resistance of 17250
  • A closing above 17450 will give strength to the bulls as the trend changes
  • Nifty rangebound between 17450 and monday’s low of 17100
  • Nifty has been respecting the trendline support 

Nifty 45 minute chart analysis

  • As per smaller time frame , nifty is consolidating within the range of 17150-17350
  • With a crucial swing high and resistance of 17450
  • Key levels to watch are 17450 on the upside and 17150 on the downside

Nifty 15 Minute chart

banknifty chart

Daily chart

  • banknifty gives a breakout from the 39800 level
  • banknifty looks bullish as long as monday’s low of 39150 is intact
  • bank nifty breaks swing high of 39800, post consolidation which makes it highly probable for going up

Banknifty 45 Minute chart analysis

  • banknifty opened nearly flat , went down to 39150 previous day’s low and respecting that level bounced back closing near to the day’s high
  • banknifty looks bullish , key levels to watch are 40300 on the upside and 39800 which was a resistance previously
  • We can play rangebound between the same range of 39800-40300

Banknifty 15 Minute chart