Nifty:25795.15/-96.25/-0.37%;Candle:OGU;Short day red; Bank Nifty:57699.6/378.45/-0.65% Candle:OGU;Long day red; ; HB:OGU;Long day red;996; TCS:OGU;Short day red;3060; RIL:OGU;Doji;1451;
Market wrap up(DWM,T,N,E):The market continued to witness profit booking-led selling pressure for another session, with the Nifty 50 falling 96 points and breaking its six-day winning streak on October 24. This signals a pause in momentum and suggests that the index may have entered a consolidation phase in the short term, possibly before resuming its uptrend. A decisive fall below 25,700, the immediate support, can open the door to 25,500, a crucial support level, which could strengthen bearish momentum. On the higher side, the 25,900–26,000 zone is likely to act as resistance, as sustaining above this range could revive bullish sentiment, experts said. The Nifty 50 formed another long bearish candle with a minor lower shadow on the daily charts, signalling pressure with limited buying at lower levels. The index negated the higher high–higher low formation of the previous six days, though the higher high–higher low structure continued on the weekly charts, accompanied by an expansion in Bollinger Bands. The index remained well above all key moving averages, while the RSI, at 67.92, bent downward, and the Stochastic RSI showed a negative crossover. The MACD sustained its bullish crossover, and the histogram stayed above the zero line, though momentum faded further. All these factors indicate a short-term consolidation despite the broader positive trend. The Bank Nifty also displayed a lower high–lower low structure on Friday, after hitting a fresh record high followed by profit booking on Thursday. The banking index formed a bearish candle with a lower shadow on the daily timeframe, indicating that selling pressure persisted with limited buying interest at lower levels. Meanwhile, it remained well above all key moving averages, with the short- and medium-term averages still trending higher. However, the RSI, at 68.69, is on the verge of a breakdown, while the Stochastic RSI has shown a bearish crossover. The MACD continued to maintain a positive crossover, and the histogram stayed above the zero line, though momentum has gradually been fading. All these factors indicate emerging some weakness within the ongoing bullish structure.
