Market Overview For 7th December 2022

December 7, 2022 by Ayush Anjana · 2 min read


The Broader Market Indices opened with a gap down where banknifty made a 200 point candle in initial 15 Minutes and consolidated between that and nifty post gap down defended 18600 even today and closed around day’s high

Nifty Daily Chart 

  • Nifty opens with a gap down and again bounces back from 18600 levels closing around 18640
  • With gujarat election and rbi event coming up on thursday , anything can happen so better to be light with the position sizing
  • Range visible is 18600 - 18900 with 18600 as crucial support. Personal bias is that current levels favour good risk reward for longs

Nifty 45 Minute chart analysis 

  • Nifty opened gap down and consolidated within the range of 18580-18650
  • Nifty again being able to defend the 18600 level and bounce , personal bias is that this level offers a good risk reward for longs
  • Key levels to watch are 18600-18800
  • Weakness if 18600 is broken and sustained for more than 15 Minutes

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty consolidating between tight range before two events on thursday
  • Highly likely we can see the range breaking on thursday or after that
  • Range visible is 43500 on the upside and 43850 on the downside

Banknifty 45 Minute chart analysis 

  • bank nifty opens with a gap down , heads higher for first fifteen minutes and consolidates between that range for the whole day
  • Since 42600 , banknifty is respecting one trendline support and bouncing back , the same trendline will be important to watch for
  • Key levels to watch are 43280 on the upside and 43000 on the downside

Banknifty 15 Minute chart