Market Overview For 4th January 2023

January 3, 2023 by Ayush Anjana · 2 min read

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The Broader Market indices opened with a slight gap down yet from the starting there was a good strength in banknifty where it went till 43400 and nifty till 18230 where both indices faced resistance and faced but in the ending there was a recover which made the closing near to the high of the day

Nifty Daily Chart

  • Nifty happens to close above 18200
  • Currently the structure looks bullish to rangebound between 18200 and 18450
  • We can some strength follow up once 18265 is broken

Nifty 45 Minute chart analysis 

  • The pattern of a upmove which gets sold out yet followed by a strength closing around high of the day continues
  • Higher chances of a gap up as the 18200 resistance is broken and banknifty together was full of strength in the end
  • Key levels to watch are 18200 on the downside and 18450 on the upside

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

Banknifty Daily Chart

  • Bank nifty closed above 43400 with strong momentum in the later part of the trading session
  • Once 43500 is broken , we can test the previous all time high 
  • Weakness only if 42800 is broken on a daily basis

Banknifty 45 Minute chart analysis 

  • On smaller time frames , bank nifty is trading around the breakout of an inverse head and shoulder pattern
  • Once 43500 is broken and sustained for more than 15 Minutes , we can witness good strength 
  • On the downside 42100 is a good support level to watch.

Banknifty 15 Minute chart analysis https://www.tradingview.com/x/SH0gNecU/

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