Market Overview For 31st October 2022

October 31, 2022 by Ayush Anjana · 2 min read


The Broader Indian Indices opened within the previous day’s range on friday. Banknifty tested thursday’s high and got rejected sliding down post breaking the 41200 support levels making a low of 40850 and closing around 41000 levels

Nifty closing below 17800 for the third time in the last week post multiple gap up openings

Nifty Daily chart

  • Nifty within the inside bar formation of 17800 and 17630
  • Once the inside bar range high and 17800 resistance is broken we can expect good uptrend in nifty
  • With the inside bar low as the immediate support

Nifty 45 minute chart analysis 

  • Nifty opens within the previous day’s range and gets rejection from 17800 levels
  • Nifty looks rangebound within 17600 and 17800
  • Key levels to watch will be 17800 in case of a flat opening , breaking and sustaining for more than 15 Minutes can witness some upside momentum

Nifty 15 Minute chart

Banknifty Daily Chart

  • Banknifty just closing around 41000 which makes indecisive to judge the direction
  • Based on the smaller time frames , breaking of 41200 was slightly bearish 
  • Key levels to watch is 41500-41700 on the upside as it is tested multiple times and being the ATH level we can see good upside if broken
  • Support area around 40600

Banknifty 45 Minute chart analysis 

  • Banknifty opens within the previous day’s range and getting rejection from 41500 slips down breaking 41200 closing around 41000
  • In case of a flat opening key levels to watch are 41200 and 40800 (PDL)
  • 41500 will be an important level for the upside if broken and sustained for more than 15 minute we can witness some upside momentum

Banknifty 15 Minute chart