Nifty:24435.5/-36.6/-0.15%;Candle:OGD,Doji; Bank Nifty:51239/18.15/0.04% Candle:OGD,Doji ; HB:OGD,Long day green,1636
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long33%FutCash;-5684;Opt92%
OI data Nifty ( max pain WM)
OI data Bank Nifty Nifty(max pain W M)
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Events/Results:
Stocks retained in F&O ban: Aarti Industries, Bandhan Bank, Birlasoft, GNFC, Indian Energy Exchange, IndiaMART InterMESH, Manappuram Finance, Piramal Enterprises, RBL Bank
Stocks removed from F&O ban: Chambal Fertilisers and Chemicals, L&T Finance, Punjab National Bank
Market wrap up(DWM,T,N,E):The market could not sustain the intraday rally and closed moderately lower at 24,436 on October 23, extending its downfall for the third straight day. The index remained well below the 20-week EMA (24,550) and the 20-week SMA (24,700), which are key hurdles on the higher side. As long as it trades below these levels, consolidation may continue, with immediate support at the 24,400-24,350 zone. If the index breaks this support area, levels of 24,200-24,000 can’t be ruled out in the upcoming sessions, experts said. The Nifty 50 formed a small bullish candlestick pattern with a long upper shadow, resembling a Bullish Inverted Hammer pattern on the daily charts (though not a classical one). This is generally a bullish reversal pattern, but it needs confirmation in the following sessions. The index maintained a lower highs-lower lows formation for another session, with a negative crossover in momentum indicators, continuing to trade below the 100-day EMA (Exponential Moving Average), which is a negative sign. The Bank Nifty also formed a Bullish Inverted Hammer kind of pattern on the daily timeframe (again, not a classical one). The index is near the 100-day EMA (51,100), which is crucial for direction going forward. It fell 18 points to 51,239 with above-average volumes, sustaining below the 20-day and 50-day EMAs, while continuing the lower highs-lower lows formation for another session, which is a negative sign. On the weekly charts, there was a long bearish candle formation, but the index still held above the 20-week EMA (51,206) on a closing basis, down 1.6 percent.
