Market Overview For 5th December 2022

December 4, 2022 by Ayush Anjana · 2 min read

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The Indian Broader Indices opened gap down on friday and stayed rangebound for the day where banknifty consolidated between 42900-43100 and nifty between 18640-18780.

Nifty Daily Chart 

  • Nifty opens gap down and does the breakout retest of 18640 level on daily time frame
  • The trend is strong until we dont break below the previous all time high of 18600
  • Range visible for nifty is 18600-18900

Nifty 45 Minute chart analysis 

  • Nifty opens with a gap down and witness  a follow through down move post opening till 18640
  • Taking support at 18640 , nifty bounces and closes at 18700
  • Key levels to watch for intraday are 18640 on the downside (PDL) and 18800 on the upside (gap fill area)

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

Banknifty Daily Chart

  • Bank nifty opened gap down around 43000 and happens to close around 43100
  • banknifty trend is positive until 42850 is not taken out on daily close
  • banknifty range visible is consolidation between 42850-43500

Banknifty 45 Minute chart analysis 

  • Banknifty breaks the trendline support with a gap down yet happens to close around 43100
  • Key levels to watch are 42850 on the downside and 43250 on the upside
  • Once 42850 is taken out for more than 15 minutes we can see some follow through selloff , momentum only above 43250

Banknifty 15 Minute chart https://www.tradingview.com/x/8lhpBN2V/

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