Market Overview For 2nd March 2023

March 2, 2023 by Ayush Anjana · 2 min read

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The broader Market Indices opened with a gap up where both nifty and banknifty made higher high and higher low for the day to close at day’s high as nifty closed around 17450 and banknifty closed around 40700

Nifty Daily Chart

  • Nifty breaks 9 days losing streak to close in green on wednesday 
  • The structure remains sell on rise until nifty is below 17800
  • Higher chances of consolidation between 17600-17300

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap up around 17360 and initially consolidated giving a breakout to close around day’s high
  • Until above 17380 , nifty will be rangebound with bullish bias for the expiry as it closed around day’s high yesterday
  • Key levels to watch are 17600-17380

Nifty 15 Minute chart https://www.tradingview.com/x/30Zxkdqv/

Banknifty Daily Chart

  • Banknifty after a series of inside bar , yesterday closed with a breakout around 40700
  • The structure is still weak until 40800-41000 is taken out as it will act as breakdown retest 
  • Currently banknifty looks range bound between 41000-40400

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap up and broke PDH with the first 15 Minute candle making higher high and higher low for the day to close at 40700
  • Key levels to watch will be 40500 and 40900 

Banknifty 15 Minute chart https://www.tradingview.com/x/elznYClX/

LET’S WORK TOGETHER