Market Overview For 21st February 2023

February 21, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened flat where banknifty initially tried heading higher but was rejected around 41300 and fell closing below 40800 and nifty fell from 17950 and closed below the crucial level of 17850

Nifty Daily Chart

  • Nifty closed below 17850 giving a weak closing 
  • The structure remains sell on rise until we close above 18050
  • Nifty also broke the parallel channel it was trading since the low of 17400 was made , higher chances of revisiting that

Nifty 45 Minute chart 

  • Nifty opened flat and headed higher till 18000 where it got rejection and fell closing below 17850
  • On lower time frame structure , nifty gave a trendline breakdown which could have been drawn from the budget day low
  • The structure is bearish , key levels to watch are 17900 and 17700

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty finds it hard to defend the 41000 level and closed below the crucial support area of 40800-40850
  • The structure is bearish as the tight range where it was consolidating was broken within three days that too after a false breakout
  • Higher chances of revisiting the 39700-39800 levels

Banknifty 45 Minute chart analysis 

  • Bank nifty opened flat , got rejection around 41300 and fell closing below 40800 support zone
  • 41300 now becomes an important resistance level which can be referred as a zone for sell on rise
  • Key levels to watch are 41000 on the upside and 40000 for intraday

Banknifty 15 Minute chart