Market Overview For 6th January 2023

January 5, 2023 by Ayush Anjana · 2 min read


The Broader Market opened with a gap up where it initially consolidated with volatility once 43000 was broken there was one way selling in banknifty where it touched 43300 and bounced closing around 42600 . Nifty broke below 18000 and again bounced closing around 18000

Nifty Daily Chart 

  • Nifty which was consolidated within a tight range of inside bar broke on the downside closing below 18000
  • The structure looks bearish as 18200 acted as strong resistance 
  • Higher chances of testing 17800 and below levels

Nifty 45 Minute chart analysis 

  • Nifty opened above 18000 and consolidated once 18000 was taken out there was one way selling till 17900
  • 18000 which was an important support level had been broken 
  • Higher chances of a gap down as multiple times this 18000 was tested and it finally broke

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty once 43000 was taken was an obvious short but 42500 also broke which showed the control bears had 
  • The structure remain sell on rise around all previous swing highs and low
  • Higher chances of 41500 getting tested  once we close below 42500

Banknifty 45 Minute chart 

  • Banknifty opened with a gap up which was sold and once 43000 was taken out , there was one way selling till 42300 from where it bounced closing around 42600
  • The structure looks bearish until we trade below 42800
  • Key levels to watch are 42800 and 42200

Banknifty 15 Minute chart