BankNIFTY Sideways prediction for 21 Nov 23

Verdict:
SIdeways range 43400-43800.

Plan of action:
IRON Condor range 43400-43800.

BankNIFTY seems to be going sideways in the range of 43400 – 43800 as levels have been marked on the chart.
for past few days BANKNIFTY have been sideways mostly perfect DOJI. level 43400 will be providing a nice support and 43800 will be acting as resistance unless it’s broken to the upside.
Reasons:

  1. Expiry is mostly sideways also PCR = 0.65 (Bearish)
  2. 200 EMA resistance to upside. (Bearish)
  3. RSI 40-60 mostly Sideways. (sideways)
  4. Price < 200 EMA (Bearish)
  5. Very nice price action support (4H-tf) downside. (Bullish level)
  6. 43500 has huge PE Calling. (Bullish)

 

Verdict:
SIdeways range 43400-43800.

Plan of action:
IRON Condor range 43400-43800.

Disclaimer:

The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.

Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.

The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.

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