Market Overview For 7th February 2023

February 7, 2023 by Ayush Anjana · 2 min read

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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/

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