Nifty:26205.3/320.5/1.24%;Candle:OF;Long day green; Bank Nifty:59528.05/707.75/1.2% Candle:OF;Long day green; HB:OGD;Long day green;1005;Tcs:OF;Long day green;3163;RIL:OF;Long day green;1570
Market wrap up(DWM,T,N,E):The Nifty 50 rebounded sharply on November 26 after three days of weakness, recording the biggest single-day rally of 1.24 percent since June, backed by broad-based buying and marking a robust start to the December series. The index, after taking support at the 20-day EMA, remained above all key moving averages with improving momentum indicators, closing at a fresh 52-week high. Hence, as long as the 26,000 support holds, a rally toward the record high near 26,300, followed by 26,500, is possible in the upcoming sessions despite intermittent consolidation, according to experts.The Nifty 50 formed a big green candle on the daily charts, almost engulfing all the previous four candles, signalling a strong position for the bulls. The index climbed back above the 10-day EMA and sustained above short- as well as medium-term moving averages, continuing the larger pattern of higher highs and higher lows. The RSI climbed to 63.21 with a positive crossover, while the MACD also turned bullish with the histogram rising above the zero line. All this indicates strengthening momentum and increasing bullish dominance. The Bank Nifty also showed Nifty-like performance, rising 1.2 percent and forming a long bullish candle on the daily timeframe. The index sustained well above all key moving averages, maintaining the higher top–higher bottom formation. The RSI turned bullish at 70.25, while the MACD and Stochastic RSI are on the verge of a breakout on the higher side, with the histogram flattening out. All this indicates a continuation of positive momentum and the likelihood of further upside.
