Nifty:25815.55/-3/-0.01%;Candle:OGD;Short day green; Bank Nifty:58912.85/-13.9/-0.02% Candle:OGD;Short day green ; HB:980;OGD;Short day green;RIL:OGD;Short day green;1544;TCS:OGU;Long day green;3281;
Market wrap up(DWM,T,N,E):The Nifty 50 failed to sustain its intraday recovery and closed flat with a negative bias, continuing its southward journey and maintaining a lower high–lower low structure for the fourth straight session on December 18. However, it appears to have formed a bullish reversal–type pattern on both the Nifty and the Bank Nifty. The Nifty 50 managed to defend the 50-day EMA as well as the upward-sloping support trendline on a closing basis (both in the 25,750–25,800 range), along with the lower end of the bullish gap zone of November 12 (slightly above 25,700). If the index rebounds, the 25,900–26,000 zone can act as a hurdle on the upside; however, a decisive fall below 25,750–25,700 could open the door to the 25,500–25,450 zone, experts said. The Nifty 50 formed a bullish candle with a long upper shadow and a minor lower shadow, somewhat resembling an inverted hammer–type pattern (though not a classical one) on the daily timeframe, which is generally considered a bullish reversal pattern. The index remained between the short-term and medium-term moving averages on a closing basis. However, the momentum indicators remained bearish, with the RSI falling to 46.37 and the MACD moving down toward the zero line, accompanied by a further decline in the histogram. All this indicates cautious sentiment with limited upside momentum. The Bank Nifty formed a bullish candle with a long upper shadow, resembling an inverted hammer–type pattern on the daily timeframe (which is generally a bullish reversal pattern), indicating that selling pressure may be weakening and that buyers attempted to regain control by testing the 20-day EMA intraday. The index held above the rising support trendline as well as the previous day’s low on a closing basis. However, the momentum indicators remained weak, with the RSI declining to 49.58 and the MACD sustaining below the reference line, along with further weakness in the histogram. All this indicates a tentative stabilization, though momentum confirmation is still lacking.
