Nifty:26033.75/47.75/0.18%;Candle:OGD;Doji; Bank Nifty:59288.7/-59.55/-0.1% Candle:OGD;Doji ; HB:OF;Doji;999;RIL:OGD;Short day red;1525;TCS:OGU;Long day green;3227;
Market wrap up(DWM,T,N,E):The Nifty 50 snapped a four-day losing streak on December 4, closing above the previous day’s high with gains of 0.2 percent, and sustaining above the 20-day EMA as well as the midline of the Bollinger Bands (both at 25,970). Further, the index also defended the previous day’s low and reclaimed the 26,000 mark. Hence, as long as the index defends 25,900 as support, an upward move toward 26,100–26,300 amid consolidation is possible in the upcoming sessions. However, a decisive fall below this level can open the door for 25,840, a crucial support, according to experts. The Nifty 50 formed a bullish candle with minor upper and lower shadows on the daily charts, indicating a positive trend despite volatility and intermittent consolidation. The index sustained above the 20- and 50-day EMAs, while the RSI inclined upward to 55.24 but still remains in a bearish crossover. The Stochastic RSI also continued to show weakness, while the MACD maintained a bearish crossover with further weakness in the histogram. All this indicates ongoing consolidation with a slight positive bias, but no clear momentum confirmation yet. The Bank Nifty formed a Doji candlestick pattern on the daily timeframe, indicating indecision among bulls and bears, but it negated the lower-high, lower-low structure of the last two sessions. The index still held above all key moving averages, suggesting that the overall trend remains in favour of the bulls despite the ongoing consolidation. However, the momentum indicators are weak, with RSI at 61.35 and both MACD and Stochastic RSI maintaining bearish crossovers. All this indicates a pause in momentum, with the broader trend still positive but lacking strong conviction.
