Nifty:25585.3/261.75/1.03%;Candle:OGU;Long day green; Bank Nifty:57422.55/622.65/1.1% Candle:OGU;Long day green ; HB:OGU;Long day green; 994;TCS;OF;Doji;2970;Reliane:OGD;Long day green;1398′
Market wrap up(DWM,T,N,E):Bulls maintained their strong hold over the market for another session, lifting the Nifty 50 index 1 percent higher on October 16. The index achieved its highest closing level since June this year, supported by bullish technical and momentum indicators. Experts believe this may reflect a pre-Diwali celebration mood on the Street, which is expected to help the index reach this year’s high of 25,669 soon, followed by 26,000, a crucial resistance level before the record high hurdle. However, the 25,400–25,300 range can act as a support zone. The Nifty 50 formed a long bullish candle on the daily charts after a gap-up opening, moving straight above the downward-sloping resistance trendline (which can now act as a support trendline), signalling a positive trend. Key moving averages continued to trend upward, while the RSI rose to 66.82, and the MACD maintained its upward trajectory with a bullish crossover and a strengthening histogram. All these factors indicate continued bullish momentum. The Bank Nifty also formed a bullish candle with minor upper and lower shadows on the daily charts, indicating a bullish bias despite some volatility. The index continued its higher high–higher low structure, and approached very close to its record high of 57,628 after Thursday’s gap-up opening. Key moving averages remained upward sloping, with strength in the RSI (72.64) and a bullish MACD setup. All of this indicates strong upward momentum in the index.
