Stocks retained in F&O ban: Bandhan Bank, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank
Stocks removed from F&O ban: SAIL
Market wrap up(DWM,T,N,E):The market bounced back, rising by seven-tenths of a percent on December 23 after a sell-off throughout the previous week. The Nifty 50 climbed above the 200-day EMA (23,700), which is crucial for its further upward journey. However, the momentum indicator, MACD (Moving Average Convergence Divergence), showed a negative bias on both the daily and weekly charts. On the upside, the index may face resistance at 23,850, followed by 24,000, which is a key resistance level. On the downside, 23,700 is expected to be immediate support, followed by 23,550 (near last week’s low), according to experts. The Nifty 50 formed a Doji-like and Inside Bar candlestick pattern on the daily charts, indicating indecision among buyers and sellers. The momentum indicator RSI (Relative Strength Index) stood at 38.6, remaining in the lower band, which is a negative sign. Furthermore, the index is still below all key moving averages (10, 20, 50, and 100-day EMAs), although it is slightly above the 200-day EMA. The Bank Nifty outperformed the benchmark Nifty 50 and formed a bullish candlestick pattern resembling a Bullish Harami, which is a trend reversal pattern. However, the sentiment remains bearish as the banking index is trading below all key moving averages (except for the 200-day EMA) and below the 50% Fibonacci retracement level (from the November low to the December high).
