Market Overview For 27th October 2022
October 27, 2022 by Ayush Anjana · 2 min read
The broader Market indices opened with a gap up on Tuesday , with open equals to high for the day , both the indices consolidated followed by some selling pressure in the last 45 Minutes where fresh day’s low was made. Among the sectoral indices Nifty-IT and Nifty-Auto were the strongest and FMCG , Energy and private bank were the weakest
Nifty Daily Chart
- Nifty opened around 17800 and fell closing around 17656.
- With the broader trend positive , upside momentum to continue once 17800 is taken out on a closing basis
- Between 17800 and 17450 we can see some rangebound consolidation
Nifty 45 Minute Chart analysis
- With the open being the high of the day and closing at fresh day’s low on tuesday
- Key levels to watch for on the upside is 17800 and 17500 on the downside
- Looks rangebound within the range of 17500-17800
- Once 17800 is broken and sustained for more than 15 Minutes we can see good momentum on the upside
Nifty 15 Minute Chart https://www.tradingview.com/x/4ih70I0c/
Banknifty Daily Chart
- Banknifty opens with a gap up gets rejection from the ATH resistance zone of 41600-41700
- Banknifty relatively stronger than nifty as per bigger time frame
- We can see good upside momentum once 41700 is taken out on a daily close basis
- Within 41000-41700 , we can see rangebound consolidation
Banknifty 45 Minute chart analysis
- Opening with a gap up and closing at fresh day’s low followed by the last hour selloff
- 41600-41700 to be crucial resistance on the upside
- The gap around 41000 was filled , weakness below 41000
- Breaking the mention levels and sustaining for more than 15 Minutes can see a follow through move
Banknifty 15 Minute chart https://www.tradingview.com/x/U9FVFg80/