NIFTY prediction for 21st Nov

20 нояб. 2023 г.

NIFTY is neutral for now as it is roaming in the range of 19600-19800.
19800 is showing lots of OI, which will be acting as resistance. On the downside, 19600 will be acting as a support zone.
If the 19800 level breaks, then after retesting, you can easily go long Unless you keep a neutral trade of rangebound 19600-19800.
Reasons:

1. 19617 is a Good price action support.
   
2. 50 EMA also will be providing a nice support.
   
3. If that level breaks, the next strong support point will be 19500.
   
4. 200 EMA downside at 19500 will be acting a strong support, also backed by price action support.
   
5. RSI Bullish Divergence and value is 40-60, usually sideways.
   
6. PCR = 0.73 (Neutral) with MAX PAIN = 19700.
   

Verdict:
Neutral Sideways unless it breaks to the upside.

Plan of action:
IRON Condor for 19600-19800.