Market Overview For 1st November 2022

November 1, 2022 by Ayush Anjana · 2 min read

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The broader Indian Indices opened with a gap up opening where nifty gave a follow up move after the gap closing above 18000 and banknifty consolidated between 41100 and 41350. Among the sectoral indices most closed positive with IT , Auto , Financial services being the strongest

Nifty Daily Chart 

  • Nifty gives breakout from the inside bar range and 18000 levels on closing basis
  • 17800 will now be acting as the support level
  • With the broader trend being positive , key level to watch on upside will be the 18100 supply zone which if broken opens chances of 18600 

Nifty 45 Minute chart analysis

  • Nifty breaks the 17800 resistance with a gap up and heads higher 
  • The same 17800 level will now be acting as a support area 
  • Key levels to watch on the upside are 18100. We can expect some rangebound movement until within 17800-18100
  • In case of flat opening , once 18100 is broken and sustained for more than 15 Minutes we can see some strength on upside 

Nifty 15 Minute chart https://www.tradingview.com/x/0pJDfmR2/

Banknifty Daily Chart 

  • Banknifty still trades within the range of 41600 and 40800
  • With the broader structure being positive , highly chances of a bullish bias 
  • Once 41600-41700 supply zone is broken , we can see good upside 
  • With support around 40800

Banknifty 45 Minute chart analysis 

  • Banknifty Opens with a gap up and consolidated for the session yesterday
  • Closing around day’s high , chances of a gap up higher 
  • Key levels to watch for in case of a gap up are 41600 on the upside which is an important resistance  and 41100 on the downside 

Banknifty 15 Minute chart https://www.tradingview.com/x/JLGwOt9c/

 

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