Nifty:26192.15/139.5/0.54%;Candle:OGU;Short day green; Bank Nifty:59347.7/131.6/0.22% Candle:OGU;Short day green; HB:OGU;Long day green;1009;Tcs:OF;Doji;3150;RIL:OGU;Long day green;1550
Market wrap up(DWM,T,N,E):The Nifty 50 staged a strong performance, not only surpassing the double-top resistance of 26,100 but also inching closer to the record high zone, ending with more than half a percent rally despite weak market breadth on November 20. Given the strengthening momentum, experts expect the Nifty 50 to touch its record high of 26,277 soon, provided it holds 26,100 as an immediate support. Beyond this, 26,500 is the level to watch, while the sacrosanct support is placed at 25,800. The Nifty 50 formed a bullish candle with upper and lower shadows on the daily charts above its previous closing high, indicating continuation of the uptrend despite volatility. The index also closed above the falling resistance trendline, with key moving averages trending upward. The RSI, at 67.66, and the Stochastic RSI sustained their bullish crossovers, while the MACD maintained its positive crossover with further strength in the histogram. All this indicates strengthening momentum and a continuation of the prevailing bullish trend. The Bank Nifty remained in uncharted territory, hitting a fresh record high of 59,440 and closing with 0.22 percent gains. The index formed a bullish candle with upper and lower shadows on the daily timeframe and closed above the previous day’s high, signalling an upward continuation pattern despite volatility. The RSI climbed to 74, and the MACD sustained its positive crossover with further increase in the histogram. All this indicates strong bullish momentum in the banking space.
