Nifty:2559.7/-87.75/-0.4%;Candle:OF;Short day red; Bank Nifty:57554.25/-272.8/-0.47% Candle:OGD;Short day red ; HB:OGD;Short day green;988;TCS:OF;Short day green;3013; RIL:OGU;Short day green;1495;
Market wrap up(DWM,T,N,E):The Nifty 50 extended its southward journey for the second consecutive session, falling by a third of a percent as technical and momentum indicators weakened further on November 6. Given the breakdown below short-term moving averages, experts expect the index to decline further towards 25,450. A decisive break below this level could open the door for a fall to 25,350–25,300, which converges with the 50 percent Fibonacci retracement of the recent sharp rally and the 50-day EMA. However, on the higher side, resistance is placed in the 25,700–25,800 zone. The Bank Nifty also formed a Nifty 50-like candle pattern on the daily charts and broke the consolidation range on the downside, signaling the possibility of increased selling pressure ahead. The index, however, still held above its 20-day EMA (which coincides with the 23.6 percent Fibonacci retracement of the recent sharp rally) and the midline of the Bollinger Bands. The RSI declined to 56.30 from Monday’s 65.60 level, while the MACD sustained its negative crossover, with the histogram falling further. All these indicators point toward potential short-term weakness and continued pressure on the index.
