Market Overview For 22nd November 2022

November 22, 2022 by Ayush Anjana · 2 min read

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The broader Indices opened with a gap down and initially gave a follow down move where banknifty took support around 42200 and bounced consolidating for the day closing at the day’s high above open of the day. Nifty was relatively weak than banknifty as the intraday structure ended with lower low and lower high

Nifty Daily Chart 

  • Nifty gives a weak closing as the parallel channel gets broken on the downside
  • Highly we can fill the gap around 18050
  • Broader trend is still positive and intact until 17950 is taken out on daily close

Nifty 45 Minute chart analysis

  • Nifty opens with a gap down and breaks the 18200-18225 support area
  • Nifty looks rangebound between 17950-18225
  • Higher chances of the gap getting fill and a bounce from there
  • Weakness if 17950 is broken and sustained for more than 15 minutes

Nifty 15 Minutes chart https://www.tradingview.com/x/ci52FpTx/

Banknifty daily chart

  • Banknifty is relatively stronger than nifty as it still trades within the rising parallel channel
  • Looks rangebound between 41900-42600
  • Strength to follow once 42600 is broken on a closing basis

Banknifty 45 Minute chart analysis 

  • Banknifty opens with a gap down , goes down till 42200 and bounces consolidating for the day with closing at fresh day’s high at the end
  • Key levels to watch are 42200 and 42600
  • Trendy move if this range either side and sustains for more than 15 minutes

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

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