Market wrap up(DWM,T,N,E):The Nifty 50 clocked a 0.74 percent rally on October 6, continuing its northward journey and forming a higher high–higher low structure for the third consecutive session, while decisively surpassing key moving averages and the 50 percent retracement of the recent fall. If the index manages to defend the 25,000 mark, which is the immediate support, then the levels to watch in the short term are 25,100 and 25,250. However, on the lower side, 24,900—where the 10-, 20-, and 50-day EMAs converge along with the 38.2 percent Fibonacci retracement—is expected to be a crucial support, according to experts. The Nifty 50 formed a long bullish candle on the daily charts for the third consecutive session. The index surpassed the 10-, 20-, and 50-day EMAs as well as the midline of the Bollinger Bands. The RSI showed a bullish crossover, rising to 55.26. The histogram weakness faded further, suggesting improving momentum. The MACD also showed some improvement, although it remains in a bearish crossover phase. All of this indicates strengthening momentum and growing confidence among traders. The Bank Nifty staged a strong performance with a decisive gap-up opening, forming a bullish candle, and giving a falling resistance trendline breakout with above-average volumes, signalling a positive trend. In fact, it outperformed the benchmark Nifty 50. The 10-day EMA crossed above the 20-, 100-, and 50-day EMAs, indicating short-term strength. The RSI reached 63.42 with a strong bullish crossover. The MACD maintained a positive crossover, with the histogram strengthening further. All of this indicates a continuation of the bullish momentum in the banking index.
