Market Overview For 27th January 2023

January 27, 2023 by Ayush Anjana · 2 min read

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The Broader Market Indices Opened with a gap down and as soon as the previous day’s low was broken in banknifty  it cracked for more than 1000 closing around 41650 , nifty corrected relatively less , closing above 17800

Nifty Daily Chart

  • Nifty gives an inside bar breakdown within the big range 
  • We can witness some more weakness once 17800 is taken out 
  • Strength to follow only once 18250 is taken out , the structure looks like sell on rise until then

Nifty 45 Minute chart analysis 

  • Nifty opened around the previous day’s low and once it was taken out , nifty cracked one way till 17850 where it consolidated
  • Key levels to watch will be 18000 on the upside and 17800 on the downside
  • Within the big range of 17800-18250 , the structure looks like sell on rise

Nifty 15 Minute chart https://www.tradingview.com/x/5LnsK52r/

Banknifty Daily Chart

  • Banknifty closes below the 41800 mark with a sharp selling candle
  • One single candle covers the full range of 42700-41800
  • The structure remains sell on rise until 43000 is not taken out

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a slight gap down , once previous day low was broken with the first 15 minute candle , there was one way down move of more than 1000 points
  • Key levels to watch are 42000 on the upside and 41600 on the downside
  • We can witness an inside bar candle on friday

Banknifty 15 Minute chart https://www.tradingview.com/x/4EKYPhb5/

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