Market Overview For 2nd November 2022

November 2, 2022 by Ayush Anjana · 2 min read

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The Indian Broader Indices opened with a gap up and headed higher in the initial hour where both indices consolidated and faced rejection resulting in selling pressure. Nifty was relatively stronger than banknifty as nifty managed to close above the open of the day where banknifty broke the day’s open and filled the gap

Nifty Daily Chart 

  • Nifty gives a breakout from the 18100 levels
  • Highly likely nifty can test the all time high levels of 18600
  • 17800-18000 will act as a strong support in case of any dip 

Nifty 45 Minute chart analysis 

  • Nifty opens with a gap up , heads high but faces rejection at higher levels resulting in day’s open being tested 
  • Nifty Looks strong as even in yesterday’s selling pressure 18100 level was respected and it bounced from there
  • Key levels to watch are 18000 on the downside and 18200 on the upside (PDH)

Nifty 15 Minute chart https://www.tradingview.com/x/034q4BnL/

Banknifty Daily Chart 

  • Banknifty opens with a gap up yet gets rejection from 41600-41700 levels 
  • Banknifty relatively weaker than nifty 
  • Still trading in the inside bar range of 41600-40800
  • The broader trend being positive with 40800 as crucial support zone

Banknifty 45 Minute chart analysis :-

  • banknifty opens with a gap and heads higher breaking the 41600 resistance but could not sustain and fell
  • banknifty Again within the range of 41550 and 41000 which will be the key levels to watch 
  • With the fomc event overnight followed by rbi policy decision , banknifty highly likely to be volatile 

Banknifty 15 Minute chart https://www.tradingview.com/x/u7Mi8YC1/

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