Market Overview For 29th December 2022
December 29, 2022 by Ayush Anjana · 2 min read
The broader Market Indices opened with a slight gap down on wednesday and started heading high where both the index consolidated but the volatility was on a high end with random spikes especially bank nifty. Thursday being a monthly and yearly expiry we can see some volatility in the last hour
Nifty Daily Chart
- Nifty Managed to close above 18100
- With 18200 being an strong resistance , it is better to have a bearish to sideway opinion from a risk to reward perspective
- Nifty Range visible is 18000-18200
Nifty 45 Minute Chart Analysis:-
- Nifty opened with a small gap down , started heading higher yet getting rejected around 18170-18200 area it fell and closed around day’s low
- If we observe nifty on smaller time frame chart it has given a trendline breakdown
- Key levels to watch are 18200 on the upside and 18000 on the downside
Nifty 15 Minute chart https://www.tradingview.com/x/vsyuxMve/
Banknifty Daily Chart
- Banknifty tests 43000 and gets rejected closing around 42800 levels
- Banknifty structure looking bearish rangebound between 43000 and 41500
- Strength only once we close above 43000
Banknifty 45 Minute chart analysis
- Banknifty opens with a slight gap down and starts heading higher till 43000 where it gets rejected making lower lows and highs closed around day’s low
- banknifty broke the trendline support on smaller time frame thus we have high chances of a gap down
- Key levels to watch are 42600 and 43000
Banknifty 15 Minute chart https://www.tradingview.com/x/sBRthz7k/