Market Overview For 31st January 2023

January 31, 2023 by Ayush Anjana · 1 min read


The broader Market Indices were hugely volatile especially bank nifty which moved nearly 10% from friday’s close in intraday where in the end banknifty recovered more than 1000 point from the low 

Nifty Daily Chart

  • Nifty touches the low of 17400 and bounced closing above 17650
  • Currently nifty range visible is 17850-17400
  • The structure is sell on rise until we close above 17850 again

Nifty 45 Minute chart 

  • Nifty opened gap down and recovered initially to a high of 17700 and was rejected again from where it tested the low again and bounced back to the high of the day
  • Key levels to watch are 17770 on the upside and 17400 on the downside

Nifty 15 Minute chart

Banknifty Daily Chart


  • banknifty respected 39700 on a daily close basis and closed around 40380
  • Currently banknifty looks rangebound between 39700-41500
  • The structure is sell on rise until 41500 is taken out

Banknifty 45 Minute chart 

  • bank nifty opened with a gap down , rallied more than 1200 point up and go rejected falling to day’s low from where again it bounced to day’s high
  • Key levels to watch are 41000 and 39700
  • Volatility is very high playing reversal with adequate risk reward will be good

Banknifty 15 Minute chart