Market Analysis Journal on Nifty BankNifty for Nov 22nd 2023

Nifty opened gap up and sustained above opening levels and made a new day high in noon session followed by closing around opening levels. Price action was strong as Nifty sustained gap and closed above 5 and 21 DEMA again. Only concern is the candle pattern. Open Interest saw addition with rise in price indicating Long addition.
BankNifty also opened gap up and was side was to down most of the day seeing closing below opening. Candle pattern was bearish with close below 5&21 DEMA. OpenInterest was also in negative with price increase indicating short addition.

Us Futures were muted to flat. On global front Fed minutes is expected tonight.