Nifty:25818.55/-41.55/-0.16%;Candle:OGU;Short day red; Bank Nifty:58926.75/-107.85/-0.18% Candle:OF;Short day red; ; HB:OGU;985;Long day red;RIL:OGU;1545;short day red;TCS:OF;3218;Short day green;
Market wrap up(DWM,T,N,E):The Nifty 50 continued its downtrend and lower high–lower low structure for the third straight session, falling nearly 0.2 percent on December 17. It remained below short-term moving averages and moved closer to the 50-day EMA (25,765) and the lower Bollinger Band (25,735), with weakening momentum indicators signalling a bearish bias. This suggests that 25,750–25,700 is expected to be the immediate key support for the index; a fall below this zone could drive the index toward 25,500, the crucial support. On the higher side, 25,950–26,050 is expected to be the resistance zone, and sustaining above it could open the door for 26,300, experts said. The Nifty 50 reported a bearish candle with minor upper and lower shadows on the daily charts, indicating bears gaining control. The index traded below the 10- and 20-day EMAs as well as the midline of the Bollinger Bands, and above the 50-day EMA and the lower Bollinger Band. The RSI dropped to 46.47, and the Stochastic RSI turned bearish. The MACD remained below the reference line, with the histogram below the zero line. All this indicates weakening momentum and a continued bearish bias. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily timeframe, with a continuation of the lower top–lower bottom formation for the third consecutive session. The index traded between the middle and lower Bollinger Bands, and below short-term moving averages. The momentum indicators were also weak, with the RSI at 49.81, and the Stochastic RSI and MACD below the reference line, along with a further fall in the histogram. All this indicates continued weakness in the index.
