Market Overview For 21st October 2022

October 20, 2022 by Ayush Anjana · 2 min read

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The Indian broader Indices opened with a gap down followed by downside follow through. Nifty was relatively stronger the whole day than banknifty 

Nifty opened with a gap down and started heading higher closing above 17550 levels. From the sectoral point of view ,Nifty-IT and Nifty Energy was the strongest

Nifty Chart

Daily chart

  • Nifty opened with a gap down , with the open as the low nifty headed higher
  • More strength to follow once 17600-17620 is broken which was wednesday’s high
  • Broader trend is positive until above 17350
  • Smaller time frame levels should be use to buy the dip

Nifty 45 minute chart analysis

  • Nifty opened with a gap down but there was no downside follow through
  • Nifty respected the 17400 levels and bounced back heading higher and closing above 17550 but within wednesday’s high
  • Key levels to watch are 17620 on the upside and 17400 on the downside
  • Good strength to follow once 17620 is broken and sustained for more than 15 Minutes

Nifty 15 Minute chart https://www.tradingview.com/x/PPVtz4As/

Banknifty Chart

Daily Chart

  • banknifty opened with a gap down and initially there was a downside follow through but bank nifty respected 39800 level and bounced back
  • One way to see the 39800 support and bounce as the breakout retest of 39800 level
  • bank nifty broader trend is positive until above 39800

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap down respected the 39800 level and bounced back 
  • Key levels to watch are 39800 on the downside and 40650 on the upside which is wednesday open equals to high
  • Once 40650 is broken and sustained for more than 15 minutes we can see good strength in case of flat opening 

Banknifty 15 Minute chart https://www.tradingview.com/x/JTXppKK0/

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