Nifty:24966.05/170.9/0.66%;Candle:OGU;Short day green; Bank Nifty:58114.25/414.65/0.72% Candle:OGU;Short day green; ; HB:OGU;Short day green; 1004;TCS:OGU;Short day green;3083; RIL:OGU;;Long day green;1483;
Market wrap up(DWM,T,N,E):The Nifty 50 rebounded sharply after a day of profit booking, climbing 171 points on October 27 ahead of the expiry of monthly F&O contracts due on October 28. Friday’s correction could not alter the broader uptrend as key moving averages continued to trend northward and momentum indicators remained healthy. The index reclaimed the 26,000 mark intraday but could not sustain above it. Experts said that if the index manages to stay above this level, then 26,100 is the level to watch, followed by the record high of 26,277, while immediate support is placed at 25,900, followed by 25,800 (around Monday’s low). The Nifty 50 formed a bullish candle with a minor upper shadow on the daily charts, signalling a positive trend despite minor profit-taking at the 26,000 level. The index remained well above all crucial moving averages, which also sustained their northward trajectory. The RSI inched up to 71.49, while the MACD maintained its bullish bias, with the histogram staying above the zero line. All these indicators reflect continued strength in market momentum and support the bullish sentiment in the near term. The Bank Nifty also formed a bullish candle with minor upper and lower shadows on the daily charts, indicating a positive trend despite some volatility. The index rose 415 points. The short- and medium-term averages trended upward. The RSI, at 72.11, which was earlier on the verge of a breakdown, maintained a bullish crossover, while the MACD sustained its positive bias with the histogram above the zero line. However, the Stochastic RSI showed a negative crossover, hinting at possible consolidation in the short term. All these indicators suggest underlying strength, though some near-term volatility cannot be ruled out.
