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 https://www.tradingview.com/x/DO2eJYeE/
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 https://www.tradingview.com/x/RSl9Wxqw/