Market Overview For 3rd November 2022

November 3, 2022 by Ayush Anjana · 2 min read


The Indian Broader Indices with a slight gap up but from the initial tick both nifty and banknifty started going down , Nifty again re-enters below 18100 and banknifty below 41200. Among the sectoral indices - metals , pharma and media were in green 

Nifty Daily Chart 

  • Nifty re-enters below 18100 again , forms an inside bar between 18000-18200
  • The broader trend is positive with crucial support at 17800
  • In case 18000 is broken on the downside , chances of 17800 getting tested will be there 
  • Upside momentum only if 18200 is broken on a closing basis 

Nifty 45 Minute chart analysis 

  • Nifty opens around the 17180-17200 resistance which was previous day’s high also and starts going down from the Initial tick
  • Breaking the 18100 support levels , nifty closes around 18072
  • Highly likely we are about to be rangebound again in the 17800-18100 levels 
  • Upside momentum only if 18200 is broken and sustained

Nifty 15 Minute chart

Banknifty Daily chart 

  • Banknifty within a Tight Consolidation range of 40800-41600 , indicating a trendy move once the range is broken
  • Within the consolidation , the structure is bit bearish as 41600 breakout failed and yesterday closing below 41200 support
  • Broader trend is positive until 40800 is respected 

Banknifty 45 Minute Chart analysis 

  • Banknifty opens around 41500 and slides down from the initial tick , with good level of volatility 
  • Key levels to watch for will be 40800 on the downside and 41550 on the upside 
  • We can expect consolidation within this range , breaking and sustaining out of the range can give a trendy move 
  • Please do consider that around 10 am there is Rbi Governor speech on the interest rate decision during the live market

Banknifty 15 Minute chart