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Below View on Nifty and Bank Nifty 23 November 2022 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

Nifty:

"The bears continued to hold their grip and the index saw selling pressure around the resistance zone of 18,300-18,350. The options data indicates a hurdle at 18,300 where the highest open interest is built up a day before the monthly expiry. The index lower-end support is visible at 18,200-18,150 which will act as a cushion for the bulls. The bulls need to cross the level of 18,350 decisively to continue the momentum on the upside toward the 18500 level."

Bank Nifty:

"The Bank Nifty index continued its outperformance and the index managed to hold the critical support zone 42,500-42,400. The index on the upside faces a hurdle at 43,000 where the highest open interest is built up on the call side. The index remains in a buy-on-dip mode as long as the mentioned support levels are held. The momentum oscillators are in the buy zone which will confirm the strength of the index."

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