Nifty:26046.95/148.8/0.57%;Candle:OGU;Short day green; Bank Nifty:59389.95/180.1/0.3% Candle:OGU;Doji ; HB:OGU;Short day red;1003;RIL:OGU;short day green;1554;TCS:OGD;Long day green;3220;
Market wrap up(DWM,T,N,E):The Nifty 50 extended its rally and closed nearly 0.6 percent higher for the second consecutive session after a gap-up opening on December 12. With Friday’s rally, the index climbed above short-term moving averages and the midline of the Bollinger Bands. The index reclaimed the 25,950–26,000 zone, which is crucial for its upward journey. Sustaining above these levels can open the door for 26,200–26,300, but a decisive fall below them can raise the possibility of consolidation, with support placed at the 25,750–25,700 zone, according to experts. The Nifty 50 formed a bullish candle on the daily charts for another session, signalling a positive trend. The index also reclaimed short-term moving averages (10- and 20-day EMAs) as well as the midline of the Bollinger Bands, further strengthening the trend. The RSI inclined upward, though it remained below the reference line, while the Stochastic RSI turned bullish. The MACD stayed below the reference line, but the histogram showed fading weakness for another session. All this indicates improving momentum, though confirmation is still awaited. The Bank Nifty formed a Doji pattern after a day of bullish candle formation, indicating indecision between bulls and bears. The banking index also reclaimed the midline of the Bollinger Bands and the 10-day EMA, but it could not close above the previous day’s high. The RSI showed a bullish crossover and moved higher to 58.21, though it was still below the reference line. The MACD remained below the reference line, while weakness in the histogram faded slightly. All this indicates cautious optimism with signs of consolidation.
