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

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