Nifty:26172.4/206/0.79%;Candle:OGU;Long day geen; Bank Nifty:59304/234.8/0.4% Candle:OGU;Short day green ; HB:OGU;Doji red;987;RIL:OGU;Short day green;1577;TCS:OGU;Long day green;3325;
Market wrap up(DWM,T,N,E):The Nifty 50 extended its healthy rally for the second consecutive session, closing 0.8 percent higher and moving closer to the 26,200 hurdle after a gap-up opening on December 22. Momentum and technical indicators turned bullish, with the index sustaining well above the falling resistance trendline. Hence, if the index reclaims and sustains above 26,200, a move toward the record high of 26,326 cannot be ruled out in the upcoming sessions. The immediate and crucial support is placed at the 26,000 zone, according to experts. The Nifty 50 formed a long bullish candle on the daily charts, with a continuation of the higher high–higher low formation for another session and sustained trading above the resistance trendline. This indicates a decisive breakout of a crucial hurdle and the triangle pattern around the 26,000 level. The index traded well above all key moving averages, with short-term moving averages trending upward, and also remained above the midline of the Bollinger Bands. The RSI turned bullish and climbed to 58.56, while the MACD inched upward toward the reference line, with weakness in the histogram fading further. All these indicators point toward strengthening bullish momentum. The Bank Nifty formed a bullish candle with small upper and lower shadows on the daily timeframe, indicating a continuation of its upward journey despite volatility. The index witnessed a breakout above the down-sloping resistance trendline and also climbed above the midline of the Bollinger Bands (59,300). It scaled above short-term moving averages, while the RSI (at 56.08) is on the verge of a bullish crossover. The Stochastic RSI also turned positive, while weakness in the histogram reduced further, though the MACD remained below the reference line. All these signals indicate improving momentum and a positive bias.
