Bank nifty closed at 43583 with bearish candle having long upper wick indicating selling pressure. presently, 20DEMA (43720) is below 50DEMA(43960) & 100 DEMA(44000) and above 200 DEMA(43300). As per OI data, 43500 is acting as support and 43800 as resistance. However, major support is 43000 and 44000 is major resistance .
Strategy for 20 Nov 23 based on 15 min chart:-
If BNF opens gap down (most probable ), 43300-43200 will act as support and will give buying opportunity since, 43300 is 200 DEMA from where we might see bounce . Fresh shorts to be taken only if it breaks this levels and depending on OI, we can target 43000 (Major support).
If BNF opens gap up/flat, then 43800 will act as a resistance and fresh longs to be taken only if it breakout this level with target of 43900-44000 (50&100 DEMA).
Strategy for 20 Nov 23 based on 15 min chart:-
If BNF opens gap down (most probable ), 43300-43200 will act as support and will give buying opportunity since, 43300 is 200 DEMA from where we might see bounce . Fresh shorts to be taken only if it breaks this levels and depending on OI, we can target 43000 (Major support).
If BNF opens gap up/flat, then 43800 will act as a resistance and fresh longs to be taken only if it breakout this level with target of 43900-44000 (50&100 DEMA).