Market Overview For 24th February 2023

February 23, 2023 by Ayush Anjana · 2 min read


The  Broader Market Indices remained quite volatile for the monthly expiry where there were series of v shape moves yet bank nifty ended flat and nifty a bit bearish close

Nifty Daily Chart

  • Nifty closed around 17500 for the feb expiry
  • With the broader structure bearish , yet from risk reward perspective fresh short position can be risky until 17400 is not taken out
  • The reason we can see a pullback till 17800 and continuation of the broader trend

Nifty 45 Minute chart analysis

  • Nifty opened with a flat green opening and fell , followed by a v shape recovery to the open of the day or high and again fell
  • Key levels to watch are 17400 on the downside and 17650 on the upside

Nifty 15 Minute chart

Banknifty Daily Chart 

  • With a huge amount of volatility , bank nifty ended flat for the expiry above 40000
  • 39700 which is budget day low , was respected and v shape recovery today closing with a doji
  • At current juncture , fresh shorts not good from risk reward perspective until above 39700 , will be playing rangebound

Banknifty 45 Minute chart analysis 

  • Banknifty opened flat negative and fell till 39600-39700 and bounced with the same momentum yet got rejected from 40150 which we discussed yesterday
  • Key levels to watch are 39700 and 40150 
  • Above 40150-40200 , we can expect short covering

Banknifty 15 Minute chart