Market Overview For 28th February 2023

February 27, 2023 by Ayush Anjana · 2 min read


The broader Market opened with a gap down , initially both indices went down and there was a quick upmove in banknifty which was also rejected , and in the end bank nifty ended around day’s high 

Nifty Daily Chart

  • Nifty was relatively weaker than bank nifty on monday
  • Nifty closed just around above the budget day low of 17360 , with the structure being bearish
  • For further weakness we will wait for a close below 17350

Nifty 45 Minute chart analysis

  • Nifty opened with a gap down and fell till 17300 as soon as previous day’s low was taken out
  • Currently key levels to watch will be 17600 on the upside and 17300
  • The way bank nifty closed around day’s high with momentum , will be bearish only if 17360 budget day low is taken out

Nifty 15 Minute chart

Banknifty Daily Chart


  • Bank nifty again tested 39700 and bounced sharply closing around day’s high of 40300
  • Today’s low will be important , even though the structure is sell on rise , at current juncture risk reward for sell not good as there is a breakout on lower time frames

Banknifty 45 Minute chart analysis 

  • Bank nifty opened with a gap tested around 39700 and bounced sharply with intraday structure of higher high and higher low , closed around day’s high of 40300
  • Higher chances of a gap up , with key level of 40600 and 40070-40150 on the downside

Banknifty 15 Minute chart