BankNIFTY Sideways prediction for 21 Nov 23

20 нояб. 2023 г.

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.