Market Overview For 24th January 2023
January 24, 2023 by Ayush Anjana · 2 min read

The broader Market Indices opened with a gap up where initially both the indices headed higher but where rejected from 43000 level and 18150 level post which there was consolidation
Nifty Daily Chart
- Nifty again consolidation within an small inside bar formation of 18000-18200
- Once 18250 is broken which is the resistance as per the broader range , we can see some strength
- The current pattern is more of a follow through via gaps and then intraday is followed by consolidation
Nifty 45 Minute chart analysis
- Nifty opened with a gap up , headed higher and got rejected from the 18150 levels closing around 18100
- Key levels to watch are going to be 18250 and 18000
- Personal bias is that we will break the resistance of 18250
Nifty 15 Minute chart https://www.tradingview.com/x/GkAKoZuN/
Banknifty Daily chart
- Bank nifty looks bullish as the range of 41800-42700 is broken with a gap opening and even though there was no big follow through we closed around 42820
- A retest of 42700 will be a good risk reward for fresh bullish trades
- Weakness once we close below 42400
Banknifty 45 Minute chart
- Bank nifty post opening with a gap up , got rejected from 43000 , consolidated and closed around day’s low
- Until we are above 42700 , one should look for buy on dips as the structure is follow through via gap and consolidation
- We can expect momentum once 43000 is taken out
Banknifty 15 Minute chart https://www.tradingview.com/x/QOgrRhTw/