Market Overview For 7th November 2022

November 7, 2022 by Ayush Anjana · 2 min read

The Broader  Indian Market Indices opened with a slight gap up on Friday and started sliding down followed by consolidation which in the end saw good buying in both nifty and banknifty where nifty closed above day’s open and banknifty around 41300

Nifty Daily Chart

• Nifty opens around 18065 and closes above 18100 with good strength in the last hour of the trading session
• Nifty looks strong and higher chances we break the 18200 levels and head higher towards all time high resistance
• With crucial support around 17800

Nifty 45 Minute chart analysis 

• Nifty opens with a slight gap up and slides down respecting the 18000 level and bounced back closing above 18100
• With the strength which nifty witnessed in the last hour , highly likely we open with a gap up above 18200
• Key levels to watch will be 18180 on the upside and 18000 (PDL) on the downside 

Nifty 15 Minute chart https://www.tradingview.com/x/8QDkHF6e/

Banknifty Daily Chart 

• Banknifty opens with a slight gap up and slides down but followed by consolidation there was a strong up move in the last hour
• With closing above 41200 support level again , highly likely we break the tight consolidation range
• With the broader trend being positive and nifty’s relative strength , we break the consolidation on the upside bais

Banknifty 45 Minute chart analysis

• Banknifty trades within the 40800-41650 range since 24th October
• We can see good trendy move once the range is broken
• Higher probability of an upward trend 
• Key levels to watch are 41100 on the downside and 41550 on upside for intraday

Banknifty 15 Minute chart https://www.tradingview.com/x/SisinV2n/