Nifty:25611.55/-165.7/-0.64%;Candle:OGD;Short day red; Bank Nifty:57827.05/-274.4/0.47% Candle:OGD;Short day red ; HB:OGD;invertedhammer;986;TCS:OF;Long day red;2988;;RIL:OF;Long day red;1471;
Market wrap up(DWM,T,N,E):The Nifty 50 closed just below 25,600 with a loss of six-tenths of a percent on November 4. Given the index falling below short-term moving averages and momentum indicators turning weak, short-term consolidation and range-bound trading cannot be ruled out. However, the medium-term trend remains positive. According to experts, if the index sustains below 25,600, the 25,500–25,400 levels will be key support zones to watch. On the upside, resistance may be faced at the 25,750–25,800 levels, above which 25,600 could be possible. The Nifty 50 formed a long bearish candle on the daily charts, continuing the lower high-lower low structure with above-average volume. The index dropped below the 10 and 20-day EMAs but still held above the 50 and 100-day EMAs. The RSI fell to 52.76, showing a bearish crossover, while the MACD turned negative with a crossover and the histogram dropped below the zero line. All of this indicates a weakening short-term trend. The Bank Nifty formed a bearish candle with upper and lower shadows within the previous day’s range, indicating an inside bar pattern, while sustaining above short- and medium-term moving averages. The RSI fell to 60.75, continuing its negative crossover, while the histogram remained below the zero line, with a bearish crossover in the MACD. All of this suggests a bearish outlook for the short-term.
