Nifty:24399.4/-36.1/-0.15%;Candle:OF, Short day red; Bank Nifty:51531.15/292.15/0.57% Candle:OF, Short day green ; HB:OF, Short day green,1751
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long35%FutCash;-5063;Opt93%
OI data Nifty ( max pain WM)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
Stocks added to F&O ban: Escorts Kubota
Stocks retained in F&O ban: Aarti Industries, Bandhan Bank, Indian Energy Exchange, IndiaMART InterMESH, Manappuram Finance, NMDC, Piramal Enterprises, RBL Bank
Stocks removed from F&O ban: Birlasoft, GNFC
Market wrap up(DWM,T,N,E):The market remained rangebound for another session and closed slightly below 24,400, with marginal losses on the Nifty 50 on October 24, extending its southward journey for the fourth consecutive day. Considering the formation of Inverted Hammer and Doji patterns in the last couple of days, some bounce cannot be ruled out in the upcoming sessions. However, the overall trend remains in favour of the bears; hence, experts advised continuing with a ‘sell on rally’ strategy. On the upside, 24,500-24,600 may serve as resistance for the index, while a break below 24,300 could drag it down sharply. The Nifty 50 formed a Doji-like candlestick pattern on the daily charts, following an Inverted Hammer pattern in the previous session. This comes after a recent fall and generally indicates a potential reversal in trend. However, the lower highs and lows formation has persisted, with the index trading below the 100-day EMA (Exponential Moving Average) and the 20-week EMA. Furthermore, the momentum indicators RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) maintain a negative crossover, indicating weakness in the short term. The Bank Nifty formed a bullish candlestick pattern on the daily timeframe, defending the 100-day EMA and reporting a higher high-higher low formation. However, it remains below the 20-day and 50-day EMAs, as well as the 20-day SMA (Simple Moving Average), which are crucial levels for an upward move. The index was up 292 points at 51,531 but lost 250 points from its day’s high. The momentum indicator RSI showed a positive crossover on Thursday. On the weekly scale, the index fell by 1 percent and formed a bearish candlestick pattern while sustaining the higher highs-higher lows formation for another week.
