Market Overview For 23rd February 2023
February 22, 2023 by Ayush Anjana · 2 min read

The broader Market indices opened with a gap down and we witnessed one way selloff in nifty and bank nifty both on wednesday where nifty fell till 17550 and bank nifty closed below 40000
Nifty Daily Chart
- Nifty after two days of sustaining below 17850 concluding the breakout failure , fell more than 250 points
- The structure looks weak as sell on rise until we are below 17800-17900
- Key level to watch will be 17350-17400
Nifty 45 Minute chart analysis
- Nifty opened with a gap down and as soon as 17700 was taken out there was one way sell off till 17500 , closing around 17550
- Key levels to watch will be 17700 on the upside and 17400
- 17400 was the low for budget day which if broken will be a weak sign
Nifty 15 Minute chart https://www.tradingview.com/x/FnGCy2s1/
Banknifty Daily Chart
- Bank nifty concluded a trendline breakdown as well as closing below 40000
- The structure even though might look like oversold but unless there is a setup , going long can be terrible idea
- The structure will be sell on rise until 40850 is taken out
Banknifty 45 Minute chart analysis
- Banknifty opened with a gap down and fell one way till 39900 and bounced yet closed below 40000
- Key levels to watch will be 40150 on the upside and 39700 on the downside
- With risk reward perspective for fresh position , 39700 will be an important level for bulls to defend against the grip of bears
Banknifty 15 Minute chart https://www.tradingview.com/x/MXXt5xz7/