Market Overview For 2nd February 2023

February 1, 2023 by Ayush Anjana · 1 min read


The broader Market Indices opened with a gap up , initially retraced till yesterday’s open and bounced back where nifty ended nearly flat and bank nifty was relatively strong closing with a gain of more than half percent

Nifty Daily Chart

  • Nifty trading within the range visible of  17400-17850
  • The structure is weak until we dont close above 17850 again
  • With the union budget tomorrow higher chances of volatile intraday move , better to play reverse for a good risk reward

Nifty 45 Minute Chart analysis 

  • Nifty opened with a gap up and fell where it took support around yesterday’s open area and bounced closing positive
  • Key levels to watch are 17800 on the upside and 17500 on the downside

Nifty 15 Minute chart

Banknifty Daily Chart


  • Currently the range visible for bank nifty is 39700-41600
  • The structure is weak until we close above 41600
  • Higher chances of a negative pullback in case 41500-41600 is tested
  • Yet everything today will be depended on the union budget

Banknifty 45 Minute chart

  • bank nifty opened with a slight gap up and initially corrected till 40200 and bounced closing at fresh high of the day
  • Key levels to watch for the budget day will be 41000 and 40000

Banknifty 15 Minute chart