Market Overview For 19th January 2023

January 19, 2023 by Ayush Anjana · 2 min read

The broader Market Indices opened slightly positive and headed higher where nifty closed above 18130 and banknifty closed above 42400

Nifty Daily Chart

Nifty breaks the 18130 resistance and closed around 18165
We can witness some upside rally once the main resistance of 18250 is broken on a daily close
Nifty which was also getting resistance from a downward trendline gave a breakout but trendline breakout are not as powerful as horizontal line breakouts

Nifty 45 Minute chart analysis

Nifty opened above 18050 and headed higher , during the day bulls dominance was clear as there was no sign of weakness
In case of gap up opening levels to watch will be 18130 and 18250
In case of a gap down opening levels to watch are 18000 as a support level and PDH

Banknifty Daily chart

Banknifty still trades within the broader range of 42700-41800
Upside strength once 42700 is taken out on daily close
The structure within the range states that buyers are active around the lower end of the inside bar range

Banknifty 45 Minute chart analysis

Banknifty opened around the Previous day close and initially there was selling in first 15 min but 42100 was respected and it bounced closing around 42450
Key levels to watch are 42300 on the downside and 42700 on the upside

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