Market Overview For 9th March 2023
March 8, 2023 by Ayush Anjana · 2 min read

The broader Market Indices opened with a gap down followed by fed chairman’s comment on raising interest rates but the first 5 minute low was also not broken and both the indices recovered forming higher high and higher lows
Nifty Daily Chart
- Nifty gave a good closing following the gap down opening
- Currently nifty looks rangebound between 17400-17850
- Once 17850 is taken out on a closing basis , we can expect some strength in the index due to change in the broader price structure
Nifty 45 Minute chart analysis
- Nifty opened with a gap down , respected 17600 which we discussed yesterday and with opening candle as low , headed higher and closed around 17750
- Key levels to watch are 17850 on the upside and 17600 on the downside
Nifty 15 Minute chart https://www.tradingview.com/x/Z5Yiy0Dn/
Banknifty Daily Chart
- Bank nifty closed with strong momentum above 41500 despite opening gap down as there was no follow through down move
- Currently 41750 will be an important level , a close above which will change the broader price structure
- Today’s low will be important from bulls perspective
Banknifty 45 Minute chart analysis
- Bank nifty opened with a gap down below 41200 and with no follow through down move , it headed higher
- Once 41350 was taken , there was one way momentum till 41600
- Higher chances of a gap up tomorrow , once 41800 is taken out we can expect good strength
Bank nifty 15 Minute chart https://www.tradingview.com/x/Ef8nnqVC/