Nifty:25891.4/22.8/0.09%;Candle:OGU;Short day red; Bank Nifty:58078.05/70.85/0.12% Candle:OGU;Short day red ; HB:OGU;Inverted hammer;1007;TCS:OGU;Short day green;3070;RIL:OGU;Long day red;1448;
Market wrap up(DWM,T,N,E):The Nifty 50 surpassed the psychological 26,000 mark intraday for the first time since September 30 but could not sustain that level at the close due to profit booking on October 23. The index wiped out an over 200-point rally before ending with moderate gains, thereby sustaining its northward journey for the sixth consecutive session. The uptrend remains intact despite the formation of a bearish candlestick pattern. Experts note that as long as the index defends the 25,700 zone support, the upmove toward the 26,000–26,100 hurdle cannot be ruled out, followed by the record high of 26,277 — the crucial resistance level beyond which the index would enter uncharted territory. The Nifty 50 formed a bearish candlestick pattern with a minor upper shadow on the daily timeframe, indicating profit-booking-led pressure at higher levels. However, the higher high–higher low formation remains intact. The index continues to trade well above its crucial moving averages, while the RSI stays in the bullish territory, suggesting underlying strength in momentum despite the day’s corrective move. All these factors indicate continued positivity and resilience in the broader trend. The Bank Nifty also witnessed profit booking after surpassing 58,500 intraday, closing with 71 points of gains and hitting a fresh record high of 58,577 during the session. The index formed a bearish candle with a long upper shadow and a minor lower shadow on the daily charts, signalling selling pressure and intraday volatility. Despite this, the index maintained its higher top–higher bottom formation, with all crucial moving averages trending upward. The RSI surged to 76.64, while the MACD sustained a positive crossover, reflecting continued bullish momentum. All these indicators point toward ongoing strength in the banking space despite near-term volatility.
