Market Overview For 2nd February 2023

February 2, 2023 by Ayush Anjana · 2 min read


The broader Market Indices Opened with a gap up and initially gave a intraday breakout on bank nifty after consolidation after which it went till 42000 and as soon as the budget speech got over , there was rejection from where bank nifty fell like 6% , closing in red

Nifty Daily chart 

  • As we discussed earlier , the structure remains sell on rise until 17850 is taken out on daily close
  • The market gave a negative pullback after the 17850 breakout last week where it tested the same level , got rejected
  • We can see more weakness if 17400 is taken out 

Nifty 45 Minute chart 

  • Nifty opened with a gap up , consolidated gave a breakout went higher till 18000 level from where it was rejected and fell , not only giving up the gains but closing in negative
  • The structure is weak , key levels to watch will be 17770 on the upside and 17400 on the downside

Nifty 15 Minute chart

Banknifty Daily Chart


  • Banknifty initially showed strength in the budget session which was not only digest but there was a selling of nearly 6% from the high of the day
  • The structure looks weak , with a negative pullback from 41500-41600 levels
  • Range visible for bank nifty is 41600-39500

Banknifty 45 Minute chart 

  • banknifty opened with a gap up went till 42000 , got rejected fell till 39500 , closed around 40500
  • The structure is weak as the yesterday 6% selloff from the day’s high till 39400-39500
  • Key levels to watch are 41000 on the upside and 39500 on the downside

Banknifty 15 minute chart