Market Overview For 25th October 2022
October 25, 2022 by Ayush Anjana · 2 min read
The broader Indian indices opened with a gap up on friday , Bank nifty was relatively stronger than nifty due to axis bank which went up 9% post the results announcement. Banknifty after the gap up rallied on friday getting some selling pressure around 41000 . On the muhurat trading day both the indices opened with a gap up where banknifty ended above 41300 and nifty above 17700
Nifty Chart
Daily Chart
- Nifty trading within the broader range of 18100 as the resistance and 17400 as the support
- Within the same we can expect consolidation
- Strength to follow once 18100 is taken out , which if is followed by small consolidation in the range provides good structure
- Nifty trading within a upward parallel channel whose trendline resistance is around 17800 which will be an important level
Nifty 45 Minute chart analysis
- Nifty Opens with a gap up on diwali day
- Key levels to watch for intraday will be 17800 on the upside and 17520 on the downside
- Once 17800 is broken and sustained for more than 15 Minutes , higher chances that we can see some strength on the upside
Nifty 15 Minute chart https://www.tradingview.com/x/zhqVGebU/
Banknifty Chart
Daily Chart
- Banknifty relatively stronger than nifty since last week
- Approaching the All Time high resistance area of 41700-41800
- banknifty with a positive broader trend trades within the range of 41700 and 39800
- We can see good upside once 41700 is taken out on a daily close basis
Banknifty 45 Minute chart analysis
- Banknifty breaks the 41000 level with a gap up on diwali day and sustains above 41300
- Key levels to watch for are 41000 on the downside and 41650 on the upside which is ATH resistance
- Once bank nifty breaks 41650-41700 and sustains for more than 15 minutes , we can see good upside momentum
- Rangebound within 41000-41700
Banknifty 15 Minute chart https://www.tradingview.com/x/sV42Xhcw/