Nifty:25694.95/120.6/0.47%;Candle:OGU;Short day green; Bank Nifty:58138.15/200.6/0.35% Candle:OGU;Short day green; HB:992;OGD;Long day green;Tcs:3049;OGU;DOji;RIL:1494;OGU;SHort day red
Market wrap up(DWM,T,N,E):The Nifty 50 corrected sharply intraday but recouped all its losses in the second half from the 25,450 (day’s low) zone and closed with half a percent gains on November 11. The index climbed above its 25,670 resistance as well as the short-term moving averages and the midline of the Bollinger Band, signaling a positive trend. If the index sustains above this level and decisively clears the 25,800 hurdle, 26,000 is the level to watch in the upcoming sessions. However, on the lower side, 25,500–25,450 is expected to act as immediate support, according to experts. The Nifty 50 formed a bullish candle with a long upper shadow on the daily timeframe, indicating healthy buying interest at lower levels and a continuation of upside momentum amidst high volatility. With Tuesday’s gains, the index now trades above all key moving averages. The RSI rose to 56.07, though it remained below the reference line. The Stochastic RSI showed a bullish crossover, while the MACD sustained a negative crossover with fading weak momentum in the histogram. All this indicates improving market sentiment and a possible continuation of the short-term uptrend. The Bank Nifty also formed a bullish candle with a long lower shadow on the daily charts, indicating strong buying interest at the lower zone. The index continued its uptrend and higher-high formation for the third consecutive session, while sustaining above all key moving averages. The RSI jumped to 62.95, though it remained below the reference line. The MACD also stayed below the reference line, but weakness in the histogram faded on Tuesday, while the Stochastic RSI maintained a positive crossover. All this indicates improving momentum and continued strength in the banking space.
