Nifty:25959.5/-108.65/-0.42%;Candle:OGU;Long day red; Bank Nifty:58835.35/-32.35/-0.05% Candle:OGU;Short day red; HB:OF;Shooting star;998;Tcs:OGU;Short day red;3134;RIL:OF;Short day red;1435
Market wrap up(DWM,T,N,E):The benchmark indices fell four-tenths of a percent on November 24, continuing the downtrend and forming a lower-high, lower-low structure for the second straight session. The Nifty 50 closed below the 26,000 level ahead of monthly F&O contracts expiry due on November 25, with momentum indicators showing weakness. The next support for the index is placed at 25,850, the lower end of the previous week’s range (25,850–26,250) and the midline of the Bollinger Bands. If the index decisively breaks this level, bears may turn stronger and a fall toward 25,700 is possible. On the higher side, 26,100 and 26,250 are the hurdles to watch, experts said. The Nifty 50 formed a long bearish candle on the daily timeframe and tested the 10-day EMA during the session. The index still held above all key moving averages, but the RSI declined to 57.38 with a bearish crossover, and the Stochastic RSI also turned bearish. The MACD maintained a positive crossover but inclined downward, while the falling histogram suggested weakening momentum. All this indicates caution. The Bank Nifty formed a bearish candle with a long upper shadow and a minor lower shadow on the daily charts, accompanied by above-average volumes, indicating weakness and pressure at higher levels. The index still traded above all key moving averages, but the MACD dropped below the reference line with the histogram falling below the zero line. The RSI (at 63.05) and the Stochastic RSI maintained a bearish crossover. All this indicates a weakening momentum setup.
