Market Overview For 20th February 2023

February 19, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened with a gap down where nifty tested 18050 and fell whereas banknifty remained quite weak for the day where it fell below 41000 and recovered closing around 41100 plus

Nifty Daily Chart

  • Nifty was relatively stronger than bank nifty on friday
  • Nifty on daily time frame , looks like a retest of 17850 which will be an important level to watch 
  • On a close below 17850 , nifty will also conclude a breakout failure alike bank nifty

Nifty 45 Minute chart analysis 

  • Nifty Opened with a gap down around 17950 , tested previous day’s low and close and got rejected falling till 17880 from where it bounced
  • Key levels to watch are 17850 on the downside and 18075 on the upside
  • Below 17850 close for more than 15 minutes , nifty can show weakness

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Bank nifty as we discussed previously gave a bearish follow through after the breakout failure of 41750
  • Until we are above 41350 , personal bias will be bearish rangebound
  • Key levels to watch will be 40800 which is crucial support which if broken then 39700 can be tested

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap down with open equal to high and fell till 40880 one way and bounced closing around 41130
  • Key levels to watch are 41350 on the upside and 40800 on the downside
  • The structure remains sell on rise until we break 41750 as breakout failure happened

Banknifty 15 Minute chart