Market Overview For 23rd December 2022

December 23, 2022 by Ayush Anjana · 2 min read


The Broader Market indices  Opened with a gap up opening where both indices 

Faced selling pressure from the start while the volatility was on the higher end as nifty happened to close below 18150 and banknifty closed  below 42500

Nifty Daily Chart

  • Nifty ends below 18200 with a quite volatile expiry 
  • Nifty is approaching the demand zone of 18000-18100 which have historically seen demand
  • We can also see one trendline support line from 15171 levels 
  • Risk reward at current junction more favourable for bulls , more weakness if we close below 18000 only


Nifty 45 Minute chart analysis

  • Nifty opens with a gap up within previous day’s range and had selling pressure from the start
  • On lower time frames , nifty is trading within a downward parallel channel
  • Key levels to look for are 18250 on the upside and 18000 on the downside 

Nifty 15 Minute chart

Banknifty Daily Chart

  • Bank nifty after opening gap up , faces resistance at 42950 which was the previous swing low and corrects
  • The structure of banknifty too turns weak
  • Until we trade below 43000 , we can test 41900 levels

Banknifty 45 Minute chart analysis

  • Banknifty opened with a gap up around 42950 and gets rejected making new lows once yesterday’s low was broken
  • Even though the market may look oversold , better to wait for previous swing high to be broken to have a long bias
  • Key levels to watch are 42600 on the upside and 42200 on the downside

Banknifty 15 Minute chart