Market Overview For 6th March 2023

March 5, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened with a good gap up and headed higher for the day where nifty gained more than 1.5% and banknifty gained more than 2%. The gap was kinda shocking when we observe the way market closed on thursday 

Nifty Daily Chart

  • Nifty gave the strongest close , comparing the last two weeks
  • Currently nifty looks range bound between 17400-17850
  • The broader trend is still weak until we close above 17850

Nifty 45 Minute chart analysis

  • Nifty opened with a gap up and as soon as 17480 was taken out , there was momentum on the upside where it closed around 17600
  • Key levels to watch will be 17650 (PDH) and  17500 on the downside
  • Higher chances of a gap up or an inside bar formation on monday

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty gave a strong closing above 41000
  • Currently banknifty looking range bound between 40800 and 41750
  • With a overhead resistance around 41750 , the trend changes with a close above that level only

Banknifty 45 Minute chart analysis

  • Banknifty opened with a gap up around previous day’s high and broke it on the upside to lead a rally till 41400 and close around 41250
  • Key levels to watch are 41000 on the downside and 41450 on the upside

Banknifty 15 Minute chart