Market Overview For 20th October 2022

October 19, 2022 by Ayush Anjana · 2 min read


The Indian broader Indices opened with a gap up and consolidated for next two hours within inside bar formation on banknifty followed by a breakdown , both the indices saw a bounce getting a support level respected at lower levels . Among the sectoral indices nifty-IT and Nifty-Metals were the weakest whereas many ended flat 

Nifty Chart

Daily Chart

  • Nifty opens with a gap up and consolidates with good level of volatility 
  • With the broader trend positive until above 17450
  • Nifty faced a resistance post the gap up around 17600-17620 level which if we consider the last downmove from 18100 to 16735 is the 0.618 fib level resistance 
  • More strength to follow once 17620 is broken 

Nifty 45 Minute chart analysis 

  • Nifty opens gap up and fills the gap
  • Key levels to watch for in intraday are 17600-17620 on the upside and 17435 on the downside 
  • Within this range nifty looks rangebound

Nifty 15 Minute chart

Banknifty Chart

Daily Chart

  • Banknifty opens with a gap up and fills the gap 
  • The broader trend is positive until above 39800 on a closing basis 
  • But within 40000-40650 we can expect rangebound movement 
  • Further strength to follow once 40650 is taken out

Banknifty 45 minute chart analysis 

  • bank nifty opened with a gap up and after 2 hour consolidation gave a breakdown falling towards 40200
  • 40200 which was a crucial support was respected and it banknifty bounced 
  • Key levels to watch are 40650 on the upside and 40200 on the downside within which we can expect rangebound movement 
  • Breaking and sustaining outside this range either side for more than 15 minutes we can see a trendy move

Banknifty 15 Minute chart