Nifty:25877.85/-176.05/-0.68%;Candle:OGD;; Bank Nifty:58031.1/-354.1/-0.61% Candle:OGD; ; HB:OGD;Shooting star doji;1000;TCS’:OGD;Short day red;3036;RIL:OGD;Short day red;;1490
Market wrap up(DWM,T,N,E):The Nifty 50 could not see follow-through buying on October 30, losing 0.7 percent to close below the 26,000 mark after the outcome of the Federal Reserve meeting. Given the cautious sentiment, the index may consolidate for a few sessions before the beginning of the next leg of the upmove. If the index stays below 26,000, the consolidation may continue with support at 25,800–25,700, followed by 25,500 as a crucial support level. However, climbing decisively above 26,000 can open the door for the 26,100–26,300 zone, according to experts. The Nifty 50 formed a bearish candle on the daily timeframe and fell below the 5-day EMA, signalling caution. The index still sustained well above the short- and medium-term moving averages; however, the RSI dropped to 64.14 with a bearish crossover. The Stochastic RSI also showed a negative crossover. The MACD maintained a bullish crossover, while the histogram stayed above the zero line but has been falling gradually, signalling fading momentum. All these indicators point to near-term caution despite an overall positive structure. The Bank Nifty also showed action similar to the Nifty, forming a bearish candle with an upper shadow on the daily charts. This action suggests weakness with selling pressure at higher levels. The banking index still sustained above key moving averages, which continue to trend upward. The RSI, at 66.98, and the Stochastic RSI showed a negative crossover, while the histogram remained above the zero line but continued to fall consistently, signalling fading momentum, even though the MACD maintained a bullish crossover. All these factors indicate short-term weakness with potential consolidation at higher levels.
