Market Overview For 20th January 2023

January 19, 2023 by Ayush Anjana · 2 min read

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The broader market Indices opened with a gap down where nifty and banknifty tried going up where it got rejected from the previous day’s close as banknifty pinpoint touched 42500 and fall and nifty got rejected from the 18150

Nifty Daily Chart\

  • Nifty opens with a gap down and ended with a inside bar within previous day’s range
  • Once 18250 is broken on a daily close, we can see strength in the coming days 
  • Range visible for nifty is 17800 and 18250

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap down and consolidated within the range 
  • Key levels to watch are 18150 (Tuesday’s high ) and 18000 (support)
  • The structure on lower time frame can be seen as rangebound to bullish until above 18000
  • We can see momentum once we break 18250

Nifty 15 Minute chart https://www.tradingview.com/x/2lUizUQq/

Banknifty Daily Chart 

  • Bank nifty opens with a gap down and respected 42300 as we discussed in yesterday’s analysis 
  • banknifty currently looks rangebound with a bullish bias within 42700-41800
  • Weakness once 41800 support is taken out on a daily close

Banknifty 45 Minute chart 

  • Banknifty opens with a gap down , takes support around 43300 and consolidated for the expiry
  • Key levels to watch within the broader range is 42520 and 42100
  • Personal bias is bullish towards 42700 until bank nifty is above 42100

Banknifty 15 Minute chart https://www.tradingview.com/x/Gr9W6ZQA/

LET’S WORK TOGETHER