Nifty:26175.75/-27.2/-0.1%;Candle:OGU;Long day red; Bank Nifty:59681.35/-71.35/-0.12% Candle:OGU;Long day red ; HB:OGU;Long day red;1003; RIL:OGU;Shortday red;1567; TCS:OF;Short day red;3138;
Market wrap up(DWM,T,N,E):The Nifty 50 continued to consolidate for the third consecutive session, erasing 150 points from its fresh record high of 26,326 on profit booking, and closing 0.1 percent down on December 1. The momentum indicators also signaled some caution for the short term, but overall, the trend still favors the bulls, with the continuation of a higher high-higher low formation on larger degree timeframes. According to experts, the index may consolidate further with support at 26,100-26,000, followed by 25,900 as a crucial support level. On the higher side, 26,300 is expected to act as a key resistance zone, as a decisive close above it could open the door for a sharp upmove.The Nifty 50 formed a long bearish candle with a minor lower shadow on the daily charts, signaling pressure despite some buying interest at lower levels. The index has still sustained above all key moving averages, maintaining the higher high-higher low structure on larger timeframes. However, the RSI (at 61.66) and the Stochastic RSI turned bearish, while the MACD inclined downward but stayed above the reference line. The histogram signaled some fading momentum, but it is still above the zero line. All of this indicates caution in the short term, though the overall trend remains bullish.The Bank Nifty reported a bearish candle on Monday after a Doji pattern formation in the previous session but stayed well above 59,500. The index witnessed profit booking at the upper Bollinger Bands, which was expected after its record high journey. As long as the index stays above the short- and medium-term moving averages, as well as the midline of the Bollinger Bands, the bulls will maintain control, despite intermittent consolidation. The momentum indicators still show a bullish bias. All of this indicates continued bullishness in the medium term.
