Nifty:%;Candle:OGU;Short day green; Bank Nifty:% Candle:OGU;Short day green; HB:OGU;Short day green;997;Tcs:OF;Short day red;3100;RIL:OF;Short day red;1518
Market wrap up(DWM,T,N,E):The Nifty 50 extended its upward journey for the sixth straight session, rising 0.4 percent on November 17, with technical and momentum indicators aligning with the rally. The index closed above the 26,000 level for the first time since October 29. According to experts, if the index sustains this zone, 26,100 (the October high) will be the immediate level to watch, followed by 26,300 (near the record high) in the upcoming sessions. The immediate support has also shifted higher to the 25,900–25,800 zone. The Nifty 50 formed a bullish candle on the daily timeframe with a higher-high, higher-low structure, indicating continuation of the positive trend. The index not only traded well above all key moving averages, but the short- and medium-term moving averages also turned upward. The RSI, at 65.12, and the Stochastic RSI both maintained a bullish crossover, while the MACD is on the verge of a positive crossover, with its histogram moving closer to the zero line. All this indicates strengthening momentum and sustained bullishness. The Bank Nifty tested the 59,000 mark for the first time, rising 0.76 percent after a gap-up opening, and formed a bullish candle on the daily charts, entering uncharted territory. The index closed above the upper Bollinger Band and traded well above all key moving averages. The RSI jumped to 71.41 with a positive crossover, while the MACD is on the verge of a bullish crossover, with weakness in its histogram fading considerably over the past few sessions. All this indicates continued strength and momentum in the banking space.
