The Nifty 50 index closed at 23,533 on November 14, its lowest level since June 21. It fell 26 points and formed a Gravestone Doji candlestick pattern, indicating bearish sentiment.

Analysts suggest that if the index breaks below the 200-day Exponential Moving Average (DEMA) of 23,542, it could target 23,200, the second target of a Head and Shoulders pattern. Despite an initial rebound to 23,676, the Nifty was unable to maintain its gains and remained range-bound for the rest of the session.

Experts recommend a 'sell on rise' strategy as the index is in an oversold zone. Immediate support is seen at 23,450, while resistance is expected at 23,650, defining the short-term trading range. Analysts caution that if the Nifty falls below the 200 DEMA, selling pressure may increase.