Market Overview For 22nd February 2023

February 22, 2023 by Ayush Anjana · 2 min read


The broader Market Indices were quite volatile on tuesday with a flat opening followed by a down move from where there was  a sharp reversal , followed by a consolidation and then again corrected closing around day’s low

Nifty Daily Chart 

  • Nifty with full day of volatile ends flat below 17850
  • Higher chances of visiting the demand zone of 17400-17500 as the small channel in which nifty was trading has been broken
  • There has been a breakout failure for nifty as well since it has closed below 18900 for more than two days

Nifty 45 Minute chart analysis

  • Nifty opened with a gap opening and corrected till yesterday’s close and reversed sharply till 17900 and fell closing at day’s low
  • Key levels to watch are 17900 on the upside and 17700 on the downside
  • With yesterday’s close , higher chances of a gap down opening as the reversal was rejected and closing at day’s low

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty with quite a volatility ended the day with flat negative close
  • Higher chances of revisiting the 39500-39700 zone as the result of breakout failure and breakdown from the series of inside bar range
  • The structure remains sell on rise until 41300

Banknifty 45 Minute chart analysis 

  • Bank nifty opened with a flat opening and corrected till 40550 followed by a sharp reversal till 40900 and rejected closing around day’s low
  • Key levels to watch are 40900 and 40500 on the downside
  • Higher chances of a gap down , logic being the sharp reversal which came got rejected from an imp resistance and close around day’s low

Banknifty 15 Minute chart