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

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