Nifty:25910.05/-103.4/-0.4%;Candle:OF;Short day red; Bank Nifty:58899.25/-63.45/-0.11% Candle:OF;Doji; HB:OGU;Long day red;991;Tcs:OF;Long day red;3080;RIL:OGU;Doji;1520.
Market wrap up(DWM,T,N,E):The Nifty 50 snapped its six-day winning streak on profit-booking and failed to hold the psychological 26,000 zone, declining 0.4 percent on November 18. However, the trend remains in favour of the bulls as long as the index trades well above all key moving averages. Until the index decisively crosses its 26,100 hurdle, consolidation is likely to continue, with immediate support at the 25,800–25,700 zone, followed by 25,500 as a crucial support. Conversely, sustaining above the hurdle can open the door for 26,300–26,500 levels, according to experts. The Nifty 50 formed a bearish candle resembling a Bearish Engulfing–like candlestick pattern on the daily timeframe. It is a bearish reversal pattern formed after the recent rally, but confirmation is needed in the following session. The index still trades above all key moving averages, with short- and medium-term moving averages trending upward. The RSI declined to 60.18 but still maintained a bullish crossover, while the gap between the MACD and the reference line narrowed considerably, with moderate weakness in the histogram. All this indicates caution but not a confirmed reversal. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily charts, indicating some nervousness amid volatility after hitting a new high of 59,104. The index corrected 0.11 percent but continued its higher-high–higher-low formation for another session and sustained above all key moving averages. The RSI at 70 remained in bullish crossover, while the MACD showed a breakout on the higher side with the histogram climbing above the zero line. The Stochastic RSI continued to trend higher with a positive crossover. All this indicates ongoing bullish momentum despite minor volatility.
