Nifty:25709.85/124.55/0.49%;Candle:OGD;Short day green; Bank Nifty:57713.35/290.8/0.51% Candle:OF;Short day green ; HB:OF;Short day green;1000.6;RIL:OGU;Long day green;1419.7;TCS:OF;Doji;2963
Market wrap up(DWM,T,N,E):With a healthy and consistent three-day rally, the Nifty 50 not only smartly surpassed the falling resistance trendline but also cleared the June swing high hurdle. It closed above 25,700 with a 0.5 percent gain on October 17, thereby strengthening confidence among market participants well ahead of the Diwali celebration week. Experts believe that the index now appears poised for a strong bull run. If it closes and sustains above the long bearish gap of October 3, 2024 (25,740), the first target to watch will be 26,000, followed by 26,200–26,300. This zone coincides with the record high of 26,277, last seen on September 27, 2023. On the downside, immediate support is placed at 25,500. The Nifty 50 formed a long bullish candle with minor upper and lower shadows on the daily chart, indicating a positive bias despite minor volatility. The index continued its higher high–higher low structure with above-average volumes and traded well above all key moving averages, which are trending upward. Momentum indicators also remained strong, with the RSI soaring to 69.34 and the MACD trending northward with a rising histogram. All these signals indicate continued bullish momentum. The Bank Nifty entered uncharted territory on Friday by ending at a new record closing high, forming a bullish candle on the daily timeframe. This came with a continuation of the higher top–higher bottom formation. All key moving averages were seen trending northward, while the RSI jumped to 74.66 and the MACD stayed upward with a strengthening histogram. These factors collectively signal strong bullish strength in the banking space.
