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

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