Market Overview For 5th January 2023

January 5, 2023 by Ayush Anjana · 2 min read


The Broader Market opened flat near yesterday’s high and initially headed higher then there was a selling pressure and as soon as day’s open was broken there was one way selling where banknifty ended below 43000 and nifty below 18100

Nifty Daily Chart 

  • Nifty gives a weak closing opening above yesterday’s high and closing below 18100
  • 18000 is going to be important support 
  • Currently range visible is 18000 and 18250 on the upside

Nifty 45 Minute chart analysis 

  • Nifty opened around 18250 and there was some selling pressure spotted as the morning from the start where it fell till 18040 from where it bounced yet closed around the day’s low only
  • Key levels to watch are 18000 and 18250 (PDH)
  • Below 18000 , we can see some more weakness in the main index

Nifty 15 Minute chart

Banknifty Daily Chart 

  • From the high of 43550 , banknifty got rejected closing below 43000
  • Both the indices on a daily chart , made a bearish structure.
  • Banknifty trading within a range of 42700 and 43600
  • We can see a trendy move once the range is broken

Banknifty 45 Minute chart analysis 

  • Banknifty opened flat , after the initial run up , it got rejected near the 43600 resistance which has acted strongly in the past 
  • Once the day’s open was broken  , there was one way selling where any sort of rise was getting sold into
  • Key levels to watch will be 42750 on the downside and 43250 on the upside 

Banknifty 15 Minute chart