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Technical View | Nifty forms Bearish Belt Hold pattern, volatility continues ahead of monthly F&O expiry

Range-bound trade is expected to continue with immediate support at 18,200 and resistance at 18,400, experts said

November 23, 2022 / 05:11 PM IST
Representative image.

Representative image.

The Nifty remained range-bound amid bouts of volatility on November 23 to close 23 points higher at 18,267, ahead of the expiry of November futures & options contracts.

Participants were also cautious, awaiting the release of the minutes of the US Federal FOMC minutes later in the night.

The index formed a Bearish Belt Hold pattern on the daily charts as the opening price was the highest point of the day and the index declined throughout the session making up the large body.

The candle will either have a small or no upper shadow and a small lower shadow. The pattern generally indicates a change in sentiment from bullish to bearish.