Market Overview For 1st December 2022

December 1, 2022 by Ayush Anjana · 2 min read

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The broader Indian Indices opened with a gap up and nifty held the strength with consolidation where banknifty in the initial session fell towards 42900 and bounced towards 43100 crossing which it gained good momentum post 3pm and went till 43300

Nifty Daily Chart 

  • Nifty gave an all time high breakout as well as the upside parallel channel breakout with a strong momentum
  • Highly likely the upside momentum to continue
  • 18600 which was previous all time high resistance now will act as support

Nifty 45 Minutes chart analysis

  • Nifty opened with a gap up and corrected in the initial hour towards 18600 and bounced with momentum closing around 18775
  • Key levels to watch for are 18680 on the downside and no levels on upside as we trade in uncharted area
  • Highly likely we will open with a gap up following the momentum in the last hour

Nifty 15 Minute chart https://www.tradingview.com/x/GPr8vp4X/

Banknifty Daily Chart

  • Banknifty gives a new  all time high close on daily chart 
  • bank nifty was clearly within the range of 42600-42300
  • Highly likely the upside momentum will continue with 42600 being crucial support 

Banknifty 45 Minute chart analysis 

  • Banknifty  opens with a gap up and heads higher till 43250 where it face rejection and falls to 42900
  • Taking support around 42875-42900 bank nifty bounced and started gaining momentum going up to 43300
  • Key levels to watch are 43250  as it was the range high above which the momentum will continue

Banknifty 15 Minute chart https://www.tradingview.com/x/PBUmZSR2/

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