Nifty:2576.35/41.25/0.16%;Candle:OGD;Doji; Bank Nifty:58101.45/325.1/0.56% Candle:OF;Short day green ; HB:OGD;Short day green;993; TCS:3020;OGU;Short day red; RIL:1487;OF;Doji
Market wrap up(DWM,T,N,E):The Nifty 50 could not witness follow-through selling on November 3, ending the session with moderate gains. The index traded above the 20-day and 50-day EMAs as well as the midline of the Bollinger Bands, but continued to display a lower high–lower low structure on the daily chart, along with a bearish crossover in the RSI. Hence, until these indicators align positively, the consolidation phase may continue, with the 25,700–25,600 zone acting as key support. Below this, 25,500 remains a crucial support level. On the higher side, the 25,900–26,000 zone is expected to act as a hurdle, according to experts. The Nifty 50 formed a bullish candle with upper and lower shadows on the daily chart, reflecting a positive trend amid volatility. The lower high–lower low structure continued for the third consecutive session after the index hit 26,100. It remained below the 10-day EMA but sustained above the 20-day and 50-day EMAs, as well as above the midline of the Bollinger Bands. The RSI, at 58.99, maintained a bearish crossover, while the MACD was on the verge of a negative crossover, with its histogram flattening out. All these signals indicate that while some underlying strength persists, the index may remain in a consolidation phase until momentum indicators turn favourable. The Bank Nifty formed a bullish candle within the previous day’s range, supported by above-average volumes, suggesting a positive undertone. The index traded above all key moving averages. The RSI, at 65.60, moved upward but remained in a negative crossover, while the MACD displayed a bearish crossover, with the histogram dipping below the zero line. These mixed signals indicate short-term caution despite the prevailing positive sentiment.
