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

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