Nifty:25181.8/135.65/0.54%;Candle:OF;Short day green; Bank Nifty:56192.05/173.8/0.31% Candle:OF:Short day green ; HB:975;OF;Doji:RIL;OGU;Doji;1377;TCS:OGU;Short day green;3060;
Market wrap up(DWM,T,N,E):The Nifty 50 recouped its previous day’s losses and rallied 136 points on October 9 by consistently defending the 25,000 mark, which is expected to act as the immediate support zone for the index. Overall, the trend remains favourable for bulls despite intermittent consolidation, supported by healthy technical and momentum indicators. Hence, if the index manages to reclaim and sustain above 25,200 — the key immediate resistance — the levels to watch out for would be 25,350–25,450, provided it continues to defend the 25,000–24,900 support zone, according to experts. The Nifty 50 formed a bullish candle with minor upper and lower shadows on the daily timeframe, signalling some volatility but a bullish bias. The index also sustained well above all key moving averages and the midline of the Bollinger Bands. The RSI edged closer to the 60-mark, at 58.03, with a positive crossover. The MACD witnessed a bullish crossover, with further strength in the histogram. All these indicators point to a positive setup for the index. The Bank Nifty rose 174 points and formed a bullish candle with minor upper and lower shadows on the daily charts while defending the previous day’s low, which could act as a support zone in the near term. The banking index also held well above all key moving averages. The MACD continued to maintain its bullish crossover, with the histogram holding firm. The RSI stood at 62.78, sustaining its positive crossover. These signals indicate strength in the index and a continuation of bullish momentum.
