The Nifty 50 index closed higher on November 19 after eight consecutive sessions of decline, ending at 23,519, with a gain of 65 points. However, it was unable to surpass the critical 200-day Exponential Moving Average (EMA) of 23,541 due to increased volatility caused by geopolitical tensions between Russia and Ukraine.

The Relative Strength Index (RSI) indicated oversold conditions at 30.85, but experts warn that bearish sentiment will persist until the index consistently closes above the 200-day EMA. The Nifty opened at 23,530 and approached the resistance level of 23,800 before profit booking led to a Gravestone Doji candlestick pattern, which is typically considered bearish. Nevertheless, the index defended its previous low of 23,350, suggesting a potential bullish reversal if it remains above this level.

Analysts believe that if the Nifty stays above 23,500, it could aim for the range of 23,700 to 23,800. Options data indicates that the Nifty may trade between 23,000 and 24,000 in the near future.