Market wrap up(DWM,T,N,E):The Nifty 50 failed to hold its entire intraday gains as well as the 25,200 zone—the day’s high—due to profit booking, and closed 0.12 percent higher on October 7, continuing its upward journey for a fourth straight session. Technical and momentum indicators remained favourable for bulls, with a continuation of the higher top–higher bottom formation. Hence, if the index decisively surpasses this hurdle, the 25,400–25,500 levels are the ones to watch, provided the 25,000–24,900 zone holds as support, according to experts. The Nifty 50 formed a small bullish candle with a long upper shadow, resembling a Shooting Star-like pattern on the daily timeframe following the recent rally. This is typically a bearish reversal pattern, but confirmation in the following session is required. The index stayed well above the midline of the Bollinger Bands. The RSI climbed to 56.19 with a positive crossover. The MACD is on the verge of a bullish crossover, while weakness in the histogram faded further. All of this indicates underlying strength, but caution is warranted due to the potential reversal signal. The Bank Nifty also witnessed profit booking at higher levels, forming a bullish candle with a long upper shadow and a minor lower shadow on the daily chart. The index sustained near the upper Bollinger Band, maintaining its higher high–higher low structure and extending its upward journey for the sixth consecutive session, rising 0.24 percent on Tuesday. The 20-day EMA is on the verge of a bullish crossover with the 50-day EMA, while both short- and medium-term moving averages continued to trend upward. The RSI jumped to 64.68, and the MACD maintained a positive crossover with further strength in the histogram. All of this indicates continued bullish momentum for the Bank Nifty.
