Nifty:25495.2/-17.4/-0.07%;Candle:OGD;Short day green; Bank Nifty:57876.8/322.55/0.56% Candle:OGD;Long day green ; HB:OGD;Short day green;984;TCS:OF;Hammer;2994;RIL:OF;Long day red;1480;
Market wrap up(DWM,T,N,E):The Nifty 50 significantly cut down intraday losses and defended the key support zone placed at 25,300–25,350, which converged with the 50-day EMA, the 50 percent Fibonacci retracement of the recent sharp rally, the falling earlier resistance trendline (now acting as a support line), and the 10-week EMA. However, it still ended with moderate losses on November 7. Experts suggest that if the index manages to hold 25,300 in the upcoming sessions, a gradual upmove toward 25,650–25,800 and then 26,000 could be possible amid consolidation. On the other hand, a decisive break below this level could drive the index toward 25,000. The Nifty 50 formed a bullish candle with a minor upper shadow and a long lower shadow on the daily charts, indicating strong buying interest at lower levels and some pressure at higher levels amid volatility. The index remained below short-term moving averages and the midline of the Bollinger Band, but still above medium- and long-term moving averages. The RSI (at 49.16) and MACD remained below their reference lines, while the histogram weakened further, indicating bearish momentum. The Bank Nifty outperformed the Nifty 50 on Friday, rising 323 points and forming a bullish candle with both upper and lower shadows on the daily timeframe, signaling a positive trend. The index also climbed back above short-term moving averages and the midline of the Bollinger Band. The RSI moved upward to 60.03, though it still maintained a bearish crossover, while the MACD remained below the reference line with continued weakness in the histogram. All these factors indicate a cautious yet improving momentum.
