Stocks removed from F&O ban: Oracle Financial Services Software
Market wrap up(DWM,T,N,E):The Nifty 50 gained for the third consecutive session on September 18, closing above 25,400 with a 93-point gain, following the Fed funds rate cut. The momentum remains firmly in favour of the bulls but some consolidation can’t be ruled out before the next leg of the upmove begins. The 25,500 level is now the next key hurdle, where a long falling resistance trendline is placed. Sustaining above this level could open the door for a retest of the June high at 25,669. However, failure to break and sustain above it may result in some consolidation, with 25,330–25,250 acting as a support zone, according to experts. The Nifty 50 formed a small bearish candle with a long lower shadow on the daily charts, indicating strong buying interest at lower levels. This pattern resembles a Bearish Hanging Man, a bearish reversal formation in an uptrend, but confirmation is needed in the following session. The Relative Strength Index (RSI) jumped to 68.37, while the MACD maintained its bullish crossover, with further strength visible in the histogram. All these indicate ongoing bullish momentum, despite the caution suggested by the candlestick pattern. The Bank Nifty also displayed a Nifty-like candlestick pattern on the daily timeframe and gained 234 points, extending its upward journey for the 12th consecutive session. The index traded comfortably above all key moving averages and moved closer to the upper line of the Bollinger Bands. Momentum indicators remained strong: the RSI rose to 62.67, indicating increasing bullish strength and the MACD is on the verge of climbing above the zero line, with further strength visible in the histogram. All these signals point to a continued bullish undertone in the Bank Nifty.
