Nifty:25323.55/178.05/0.71%;Candle:OGU;Short day green; Bank Nifty:56799.9/303.45/0.54% Candle:OF;Short day green; ; HB:OGD;979;Inverted hammer green TCS;OF;Doji;2970; RIL:OGU;1375;Short day red;
Market wrap up(DWM,T,N,E):Bulls staged a strong comeback, driving the Nifty 50 higher by 0.71 percent on October 15, after a couple of days of consolidation. This took the index almost near the falling resistance trendline. The continuation of the higher high-higher low formation and healthy momentum indicators suggest that the index is gradually set to inch toward 24,400-24,500, the September swing high. Beyond that, 25,670 is the crucial hurdle to watch, which could open the door for a record high. However, 25,150 is expected to be immediate support, followed by 25,050, which forms the key support zone, according to experts. The Nifty 50 formed a long bullish candle with minor upper and lower shadows on the daily timeframe, indicating a positive trend despite moderate volatility. The index sustained above all key moving averages, with the short- and medium-term moving averages trending upward. The RSI climbed above the 60 zone to 60.49, while the MACD sustained its bullish crossover, with the histogram turning strong. All these factors indicate a continued positive outlook. The Bank Nifty also had a strong bounce back after a day of consolidation, completing the 78.6 percent Fibonacci retracement from the record high (July) to the September low. This resulted in the formation of a bullish candle on the daily charts, signalling a positive trend. The banking index saw a half percent rally and sustained well above all key moving averages, which were trending northward. Meanwhile, the momentum indicators—RSI and MACD—showed a positive bias. All these factors suggest a continuation of the upward movement.
