Nifty:25986/-46.2/-0.18%;Candle:OGD;Doji; Bank Nifty:59348.25/74.45/0.13% Candle:OGD; ; HB:OGD;Long day green;1000; RIL:OGD;Short day red;1539; TCS:OF;Long day green;3180;
Market wrap up(DWM,T,N,E):The Nifty 50 remained under pressure for the fourth consecutive session, declining 0.2 percent with continued weakness in momentum indicators. However, it defended the 20-day EMA (25,970) and the midline of the Bollinger Bands (i.e., 20 SMA – 25,940) on a closing basis on December 3. If the index convincingly falls and sustains below these levels, bears may gain strength and drag it toward 25,840 (last Wednesday’s low). In case of a rebound, 26,070 and 26,150 are the levels to watch, according to experts who advised caution. The Bank Nifty fell below 59,000 intraday but recouped all losses and closed above the mark with a gain of 74 points, accompanied by above-average volumes. The index formed a bullish candle with a lower shadow on the daily charts, indicating buying interest at lower levels. As a result, it continued to sustain above all key moving averages as well as the midline of the Bollinger Bands, which is positive. The RSI rose to 62.62 but remained below the reference line, while the Stochastic RSI maintained a bearish crossover. The MACD also turned bearish with mild weakness in the histogram. All of this indicates that consolidation may continue in the short term.
