NIFTY Analysis for 17 Nov

17 Kas 2023

As we discussed yesterday Nifty gave a nice bull move after the breakout. but in last 30 min it faced a heavy selling from the marked supply zone. Because selling was with good volume that shows the bulls weekness. and also RSI diversion was there. today it seems to be in range bound.
Reasons:

1. Heavy selling with good volume in last 30 min.
   
2. PCR = 1.01 (Bullish), MAX Pain 19750
   
3. RSI diversion (Bearish)
   
4. Price >> EMA 200 (Has to come back) (Bearish)
   

Verdict:
Sideways Range bound

Plan:
Observe the 15 min candle and go only for selling options.
will update soon

17 Kas 2023

Not

nifty seems to be in range of 19650-19800. 19650 acting nice support as 200 EMA (5m-TF)