Market Overview For 1st March 2023

March 1, 2023 by Ayush Anjana · 2 min read

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The Broader Market Indices opened flat where there was a consolidation followed by a downmove in which nifty went below 17300 and banknifty went below 40100 and bounced sharply where nifty ended around 17300 and banknifty ended around 40250

Nifty Daily Chart

  • Nifty closed below budget day low 
  • The structure looks bearish as the strength of the bears can be seen with 9 consecutive red candles
  • Any bounce towards  17500-17600 can be used a pullback to find low risk area for bearish position

Nifty 45 Minute chart analysis 

  • Nifty opened flat around previous day’s close and started to fall making a low of 17255 and bounced to close around 17300
  • There has been continues lower high and lower low on nifty with no sign of strength
  • Key level to watch will 17450-17475 on the upside and 17250 on the downside

Nifty 15 Minute chart https://www.tradingview.com/x/QJ8V4dY

Banknifty Daily Chart 

  • Banknifty holding to its relative strength over nifty
  • Still trading above the budget day low and major support level of 39700
  • There has been a series of inside bar candles within the range of 40580-39800

Banknifty 45 Minute chart analysis 

  • Banknifty opened flat and consolidated and fell till 40080 and bounced sharply to close above 40250
  • Key levels to watch are 40375 on the upside and 40080 on the downside
  • The structure of both indices is mixed between bearish and range bound , yet the broader trend is down 

Banknifty 15 Minute chart https://www.tradingview.com/x/bKnp6iP4/

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