Market Overview For 27th February 2023

February 27, 2023 by Ayush Anjana · 2 min read


The broader market Indices opened with a gap up and started sliding down where nifty closed below previous day’s low and banknifty closed below 40000 level , the structure remains sell on rise

Nifty Daily Chart 

  • Nifty closed just around the monthly low of 17400
  • Nifty has also given a trendline breakdown which will get confirmation with a close below 17400
  • The structure remains sell on rise until below 17850

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap up around the previous resistance level of 17600 and started falling where it broke PDL and made a low of 17428
  • Key levels to watch are 17530 on the upside and 17400 on the downside
  • We are near previous month’s low which if broken and sustained for more than 15 Minutes can bring in weakness

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty fails to give follow through upmove after the gap up and corrects down to close below 40000
  • The structure is weak as any sort of rise was getting sold out on friday
  • Key level to watch will be the 39700 support level which if broken down with a close , we can see more weakness

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap up above 40150 resistance level and with no follow through strength , again fell inside the resistance , sliding down below 40000 and closing around 39900
  • Key levels to watch are 40150 on the upside and 39700
  • We can see more weakness if 39700 which has been tested multiple times breaks down 

Banknifty 15 Minute chart