Nifty:26068.15/-124/-0.47%;Candle:OGD;Short day red; Bank Nifty:58867.7/-480/-0.81% Candle:OGD;Long day red; HB:OGD;Short day red;998;Tcs:OF;Doji;3150;RIL:OGD;Short day green;1544
The Nifty 50 snapped its two-day losing streak, falling half a percent on profit booking to close below the 26,100 level, with the sharply rising VIX signalling caution on November 21. However, the overall trend remains positive as the index continued to trade well above all key moving averages, with a positive crossover in momentum indicators. If the index convincingly breaks below the 26,000 mark, the 25,850–25,800 zone will be crucial to watch on the downside. On the other hand, sustaining above this range can drive the index toward 26,250, followed by 26,500, which remain the key upside targets, experts said. The Nifty 50 formed a bearish candle with an upper shadow on the daily charts, indicating selling pressure at higher levels, though the volume was lower than in the previous session. Despite this selling, the index still traded well above all key moving averages, with short- and medium-term moving averages trending upward and a slight expansion in the Bollinger Bands. The RSI remained above 60 at 62 with a positive crossover, though it was slightly inclined downward. The MACD maintained a bullish crossover, with the histogram sustaining above the zero line, while the Stochastic RSI stayed in a positive bias. All this indicates continued underlying strength, despite near-term caution. The Bank Nifty formed a bearish candle on the daily timeframe after creating a Spinning Top–type pattern in the previous session, declining 0.8 percent. The index continued to sustain above all key moving averages and the midline of the Bollinger Bands. The RSI held above 60 at 63.68 but showed a negative crossover, and the Stochastic RSI also indicated a bearish crossover. The MACD remained above the reference line, although it was inclined downward, with the histogram still above the zero line. All this indicates a potential slowdown in momentum while the broader trend remains intact.
