Market Overview For 23rd January 2023

January 22, 2023 by Ayush Anjana · 1 min read


The broader Indian indices opened flat to bullish where nifty ended the consolidation with a  negative close and banknifty was more than 0.5% positve which ended to close around 42500

Nifty Daily Chart

  • Within the broader consolidation range of 17800 and 18250
  • Personal bias is towards a breakout until we dont close below 18000 on a daily close
  • Weakness once 17800 demand zone is taken out 

Nifty 45 Minute chart analysis 

  • Nifty again closed below the 18130 level which was important within the bigger range of 17800-18250
  • Key levels to watch on smaller time frame are 17950 and 18250 on the upside

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty consolidating near the resistance level of 42700 which has been tested multiple times
  • We can see strength once 42700 is taken out on a daily close
  • The bigger the consolidation within the compressed range , the better and bigger the follow through generally is 

Banknifty 45 Minute chart analysis

  • Bank nifty opened with a gap and tested 42700 and consolidated within a small range near the resistance
  • Higher chances of a gap up opening if we see the structure within the range
  • Key levels to watch are 42700 on the upside and 42400 on the downside

Banknifty 15 Minute chart