Market Overview For 7th February 2023
February 7, 2023 by Ayush Anjana · 2 min read

The broader market indices ended with an inside bar formation where banknifty tested 41730 levels and got rejected closing around 41370 and nifty made a high of 17850 closing around 17764
Nifty Daily Chart
- Nifty ended with an inside bar formation with the high as the same level as 17850 resistance
- We can see strength once 17850 is taken out
- Currently visible range is 17850-17400 , personal bias is breakout from the 17850 level
Nifty 45 Minute chart analysis
- Nifty opened around 17820 and fell till 17700 where it consolidated and closed around 17770
- Key levels to watch are 17850 and 17600 on the downside
- We can see strength once 17850 is taken out and sustained for more than 15 Minutes
Nifty 15 Minute chart https://www.tradingview.com/x/iP35e3aE/
Banknifty Daily Chart
- Banknifty trading in an inside bar formation near the major resistance of 41700
- We can see strength once 41700 is taken out on a closing basis
- Support level to watch will be 40800
Banknifty 45 Minute chart analysis
- Bank nifty opened flat tested 41750 and got rejected falling till the low of 41250 and bounced closing around 41370
- Key levels to watch are 41750 on the upside and 41250 on the downside
- We can see strength once 41750 is taken out on 15 minute chart
Banknifty 15 Minute chart https://www.tradingview.com/x/T7gAVYK0/