Stocks removed from F&O ban: Glenmark Pharma, RBL Bank
Market wrap up(DWM,T,N,E):The Nifty 50 extended its uptrend, albeit with moderate gains, on July 16, closing 16 points higher with market breadth favouring the bulls. The index, after defending the 50% Fibonacci retracement level (from the June low to high), attempted twice to close above the 38.2% retracement level (25,214) and the 20-day EMA (25,250). As long as the index remains below these levels, consolidation may continue, with 25,100–25,000 acting as the support zone. However, if it manages to close strongly above these levels, 25,400 becomes the immediate resistance (23.6% retracement), followed by 25,550, according to experts. The Nifty 50 formed a small green candle with a minor upper shadow and a long lower shadow, resembling a Doji-like pattern on the daily timeframe—indicating indecision among bulls and bears. The index continued to trade below its short-term moving averages (10-day and 20-day EMA) and the midline of the Bollinger Bands, which are key resistance zones. The momentum indicator RSI, at 51.05, maintained sideways action, while the Stochastic RSI gave a positive crossover in the oversold zone. Additionally, there was some improvement in the MACD histogram. These technical indicators suggest a potential shift in momentum, but confirmation through a strong directional move is awaited. The Bank Nifty formed a High Wave-like pattern on the daily charts after rising for three consecutive sessions and closed near the downward-sloping resistance trendline. A decisive move above this trendline is crucial for further upside. The index sustained above both short- and medium-term moving averages, and the volume was above average. The RSI, at 58.76, appears to be inching upward and is on the verge of a positive crossover, while the Stochastic RSI showed a positive crossover. There was also further improvement in the MACD histogram. These technical indicators suggest increasing bullish momentum, but a breakout above the resistance trendline is needed to confirm continued strength.
