Market Overview For 9th November 2022

November 9, 2022 by Ayush Anjana · 2 min read

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The Broader Indian Indices opened with a gap up on Monday and started sliding down where nifty filled the gap and broke below previous day’s close and banknifty respected the same and during the last two hours of the trading session both indices bounced with a strong momentum closing around the open of the day 

Nifty Daily Chart

  • Nifty opens around the 18200 resistance and slides down brokes below previous day’s close but there was no follow up selling
  • In the end of the trading session there was strong buying in nifty which took it from 18070 to 18200
  • Nifty closing above the 18180-18200 is a bullish structure which opens the gates to all time high levels

Nifty 45 Minute Chart Analysis 

  • Nifty after the gap up slided down getting rejected one way down to 18060 levels 
  • From their it bounced back with strong momentum closing just above 18200
  • One thing to observe from last few days is even though the gap up are getting sold at open but in the end there is serious buying coming in
  • Key levels to watch are 18180 above which the positive momentum to continue

Nifty 15 Minute Chart https://www.tradingview.com/x/JTsyW8Dn/

Banknifty Daily Chart 

  • Banknifty gives highest daily close which is highly bullish
  • The tight consolidation between 40800-41600 ended up getting broken on the upside
  • We can see good uptrend rally in banknifty until we are above 41500

Banknifty 45 Minute chart Analysis 

  • Banknifty on monday opens above the tight range with a gap and slides down 
  • Respecting 41300 level banknifty bounced back with a strong Momentum giving all time high close on daily basis
  • Highly likely we can see a gap up on wednesday 
  • Key levels to watch will be 41500 on the downside and 42000 on the upside 

Banknifty 15 Minute chart https://www.tradingview.com/x/JTsyW8Dn/

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