Market Overview For 9th February 2023

February 9, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened with a gap up where nifty was relatively stronger than bank nifty as it headed higher and closed above 17850 whereas banknifty consolidated within a small range for the day

Nifty Daily Chart

  • Nifty closed above 17850 , yet the closing was satisfying enough to call it a breakout
  • Nifty still trading within the downward parallel channel
  • Higher chances of follow through upmove if  it sustains above 17850 for another close on daily chart

Nifty 45 Minute chart analysis 

  • Nifty opened with a gap up and headed higher making higher high and higher low , closing above 17850
  • In case of a gap up , key level to watch will be 17850 for a bounce
  • Otherwise also nifty may consolidate within 17650-17850 if it re-enters 17850

Nifty 15 Minute chart analysis

Banknifty Daily Chart


  • banknifty consolidating within a small range near the 41750 resistance level
  • Until 41750 is taken out on closing basis , the structure looks sell on rise and risk reward perspectively also favour bears
  • Once 41750 is taken out , we can see strength in the banking index

Banknifty 45 Minute chart analysis 

  • Banknifty opened with a gap up around 41500 and headed higher till 41800 from where it got rejected and fell till 41400 and consolidated for the remaining day
  • If we notice one thing , banknifty is consolidating near the resistance of 41750 in a tight range , which indicates possibilities of trendy day
  • Key levels to watch are 41750 on the upside and 41000 on the downside

Banknifty 15 Minute chart