The Nifty opened with a lead on 21 November 2023, consolidated for most of the day and closed up ~89 points. On the daily charts, we can observe that the Nifty is trading in the range of 19875 – 19625 since the last four trading sessions. On the other hand, the Nifty is trading above the 19650 – 19600 zone where several support parameters in the form of the 40-hourly moving average and the lower end of the rising channel are placed. Therefore, this zone should act as support in case of a decline and we expect the Nifty to remain in this zone and trend higher in the next few trading sessions. The hourly momentum indicator is showing a positive crossover, but the Nifty is not breaking the range and once it does, we can expect it to gain momentum. Until then, the range-bound price movement is likely to continue. In terms of levels, 19625– 19650 is the crucial support zone while 19900 – 19950 is the immediate resistance zone. Bank Nifty also consolidated and closed up 110 points. There was a decline during the day but there was buying, indicating buying interest at lower levels. From a short-term perspective, we expect the decline to continue until 44,000 – 44,050. The structure becomes weak below 43500.
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