Market Analysis Journal on Nifty BankNifty for Nov 23rd 2023
Nifty opened around previous day’s close and saw sell off in starting session of the day to take support around Monday’s close thus filling yesterday’s gap. Nifty saw buying around 19700 levels and saw a sharp short covering in post noon session and closed almost at day’s high. Price action was positive as Nifty closed above previous day’s close and almost at previous day’s high. Candle pattern is also bullish pattern with big lower wick bounce from 5DEMA. Nifty Futures added small Open Interest with marginal increase in price showing long addition.
Bank Nifty on the other hand was weak from opening and sold off to new recent low around 44200 to bounce in post noon session to close much above day’s low. Price action was also weak forming a bearish candle though support was seen at 200SDMA. BankNifty futures saw addition of Open Interest with decrease in price.
US Futures were marginally in green and looking forward for a positive session ahead.
Bank Nifty on the other hand was weak from opening and sold off to new recent low around 44200 to bounce in post noon session to close much above day’s low. Price action was also weak forming a bearish candle though support was seen at 200SDMA. BankNifty futures saw addition of Open Interest with decrease in price.
US Futures were marginally in green and looking forward for a positive session ahead.