Market Overview For 4th November 2022

November 4, 2022 by Ayush Anjana · 2 min read


The Indian Broader Indices opened with a gap down on thursday and started 

going up respecting the crucial support areas which was 40800 for banknifty and 17950 for nifty. Yesterday’s lows are going to be important. Among the sectoral indices Nifty-IT was down the most by -1.18%

Nifty Daily Chart

  • Nifty opens with a gap down but heads higher from the start , getting rejection around 18100 level 
  • Nifty re-enters the 17800-18100 within which we can see some consolidation
  • Upside momentum to continue once 18180-18200 is taken out as it has got rejection from there multiple times
  • Crucial support around 17800

Nifty 45 Minute chart analysis

  • Nifty takes support around 17950 and goes up after the gap down opening 
  • Yesterday’s low will be an important level to watch for in intraday 
  • The structure on smaller time frame looks like the momentum is getting slowed down as nifty in spite of heading higher post gap down got rejected again from 18100

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty respects 40800 support level after a gap down opening and heads higher closing around 41300
  • Yesterday’s low of 40800 will be important for the bulls , with the broader trend being strongly positive
  • We can see good momentum if 41600-41700 levels are taken out

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap down around 40800 levels , respect the levels and bounced back with strong momentum
  • On the upside banknifty got rejected from PDH levels around 41500
  • Key levels to watch for are 41600 on the upside and 40800 on the downside 
  • Outside this range we can see some trendy move 

Banknifty 15 Minute Chart