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 https://www.tradingview.com/x/VaMUtUde/
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 https://www.tradingview.com/x/uXWjNMkc/