Nifty:26053.9/117.7/0.45%;Candle:OGU;Short day green; Bank Nifty:58385.25/171.15/0.29% Candle:OGU;Doji ; HB:OGU ;Doji;1009;TCS:OGD; Doji;3060;RIL:OGU;Short day green;1504;
Market wrap up(DWM,T,N,E):The Nifty 50 started off the November series on a healthy note, rising 0.45 percent to hit a 13-month closing high on October 29, supported by favourable technical and momentum indicators ahead of the Federal Reserve meeting outcome scheduled for tonight, wherein the central bank cut the benchmark interest rate by 25 basis points to the 3.75–4.00 percent range. The index has consistently held above the 5-day EMA throughout the current month. Experts noted that holding above 26,000 can open the door for a move toward the immediate target of 26,100, followed by 26,300 (near the record high), while the 25,900–25,800 zone can act as a key support area. The Nifty 50 formed a bullish candle with a minor upper shadow on the daily charts with above-average volumes, following a Doji candle formation in the previous session. This indicates a positive trend despite some profit booking near the 26,100 hurdle. The index also sustained well above all key moving averages, which continued to trend upward. Meanwhile, the RSI climbed to 72.43, and the MACD trended higher with its histogram sustaining above the zero line. All these factors indicate continued bullish momentum in the market. The Bank Nifty formed a small bullish candle with a long lower shadow on the daily timeframe, signalling a positive mood with buying interest at lower levels. The key moving averages continued their northward movement, while the RSI, at 74.19, also trended higher. The MACD maintained its bullish bias, with the histogram staying above the zero line. All these signals indicate ongoing strength in the banking index.
