Market Overview For 9th December 2022

December 9, 2022 by Ayush Anjana · 2 min read

The broader Indian Indices opened flat for the expiry day where nifty remained rangebound for the whole day and banknifty after opening flat headed higher with strength breaking the 43300 level and closing around 43600

Nifty Daily Chart 

• Nifty opens flat and trades rangebound between 18550-18620
• Nifty still trading within the upward parallel channel and near the trendline support of the same
• Range visible is 18450-18680 , above which will confirm the retest of 18600 and continuation of uptrend

Nifty 45 Minute chart analysis 

• Nifty opens flat and consolidates for the expiry
• Key levels to watch would be 18450 on the downside and 18680 on the upside 

Nifty 15 Minute chart https://www.tradingview.com/x/uEFcIm5y/

Banknifty Daily Chart

• Banknifty breaks the 43500 resistance and gives an all time high breakout
• Momentum to continue until bank nifty breaks below 43300 levels again
• bank nifty was trading in an upward parallel channel where it consolidated near the low zone and ended up in a breakout post the election results

Banknifty 45 Minute chart analysis 

• Banknifty opens flat around 43100 levels and starts heading higher with momentum
• Breaking the 43300 resistance level it consolidated for some time near 43400 levels which later ended in strength coming in and banknifty closed around 43600
• Higher probability of a gap up opening , key levels to watch are 43350 on the downside above which its buy on dips

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