Market Overview For 3rd March 2023

March 3, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened with a gap down where nifty was weak from the start and banknifty tested 40800 levels and got rejected falling down below 40400 and nifty below budget day’s low

Nifty Daily Chart


  • Nifty breaks wednesday’s low to close around 17320
  • The sell on rise structure is quite evident as we can see near any resistance , there is a selling coming
  • 17250 which is the near term low , if broken then we can witness more selloff in nifty

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap down and started heading lower , making lower high lower low to close around 17320
  • Currently the structure on lower time frame will be sell on rise with 17500 as a level to watch as resistance
  • On the downside if 17250 is taken out for more than 15 minutes we can see some weakness continue

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty gives a weak closing again below 40400
  • We can witness that 40800 , from where the breakdown initially came , yesterday also acted as a resistance
  • The structure remains sell on rise until 40800 is taken out on daily close

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap down , tested 40800 on the upside and got rejected to close around 40380
  • Banknifty gave a trendline breakdown on 15 minute time frame also
  • Key level to watch will 40580 and 40100

Banknifty 15 Minute chart