Market Overview For 9th January 2023

January 9, 2023 by Ayush Anjana · 2 min read


The broader Market Indices opened flat positive on friday where both indices initially tried going up but rejection was there, thereafter both indices went till previous day’s low , consolidating there it was also broken where nifty made a low of around 17800 and banknifty 41900

Nifty Daily Chart

  • Nifty breaks 17900 . with every rise getting sold as the index is not able to break previous swing highs
  • The structure looks weak even though it may be seen as oversold
  • 17800 is going to be important support on a daily basis.

Nifty 45 Minute chart analysis 

  • Nifty opens flat positive , fails to break the previous swing high and falls one way till 17800 and bounces back closing around 17865
  • 17800 has been an important support previously also , which can watched on the downside
  • 18100 will act as resistance on the upside
  • From a risk reward perspective , fresh shorts better around 18100 as current level favor longs with 17800 as a level to watch

Nifty 15 Minute chart

Banknifty Daily Chart 

  • Banknifty opens around 42650 , getting rejected breaks 42500 falls till 41900 
  • The structure looks weak as within the broader consolidation of 41500-44000 , it has been forming lower low and lower high
  • banknifty looks rangebound to bearish until we dont cross above 43600

Banknifty 45 Minute chart analysis 

  • Opening around 42650 , there was a one way selling once previous day’s low was broken
  • The structure remains sell on rise with resistance around 42700 
  • Key levels to watch on the downside is 41900 (PDL)

Banknifty 15 Minute chart