Market wrap up(DWM,T,N,E):The market continued its upward journey for the fifth consecutive day on October 21, closing 25 points higher amid volatility with a healthy market breadth. The technical and momentum indicators remained quite strong, with a consistent higher high-higher low structure, even after a significant rally since the start of the current month. Hence, the index is expected to face a hurdle at 26,000, as decisively surpassing this level could open the door for a move to 26,200-26,300 (which coincides with the record high of 26,277 seen in September 2024) in the upcoming sessions, provided the index defends support in the 25,750-25,700 zone, according to experts. The Nifty 50 formed a bearish candle with minor upper and lower shadows on the daily charts, indicating volatility, but remained at the upper Bollinger Band. The index maintained its higher high-higher low structure, with all key moving averages trending northward. The RSI, at 72.26, and the MACD sustained their upward momentum, with the histogram strengthening. All this indicates continued positive sentiment. The Bank Nifty also traded near the upper Bollinger Band, though it formed a small bearish candle with minor upper and lower shadows on the daily timeframe within the previous day’s range. All key moving averages trended upward, while the RSI remained well above the 70 mark, at 76.17. The MACD continued its northward trajectory, with the histogram staying above the zero line. This suggests sustained positive momentum.
