Nifty:26177.15/4.75/0.02%;Candle:OF;Doji; Bank Nifty:59299.55/4.45/0.01% Candle:OF;Doji ; HB:OGU;Short day green;997;RIL:OGU;Short day red;1569;TCS:OF;Doji;3305;
Market wrap up(DWM,T,N,E):The benchmark Nifty 50 closed flat with a positive bias after range-bound trading, extending its uptrend and higher high–higher low formation for the third consecutive session on December 23. Momentum indicators also remained healthy. Hence, according to experts, the ongoing consolidation may continue for a couple of days before the index gains strength for a move toward the 26,300–26,400 levels. The immediate hurdle is placed at 26,200, and sustaining above it is required for a sharp market run. Until then, consolidation may be seen, with immediate key support at 26,000. The Nifty 50 formed a small-bodied bearish candle with upper and lower shadows on the daily timeframe, indicating indecision among market participants after the recent pullback rally. The higher high–higher low structure continued, with short-term moving averages trending upward and the 10-day EMA climbing above the 20-day EMA. The RSI climbed to 58.70 and held above the reference line, while the Stochastic RSI maintained a strong bullish crossover. The MACD also turned positive, with the histogram rising above the zero line. All this indicates a continuation of the positive underlying trend. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily timeframe, signalling indecision among bulls and bears, though the higher top–higher bottom formation continued. The index sustained above all key moving averages, even though it closed marginally below the midline of the Bollinger Bands. The Stochastic RSI maintained a bullish crossover, while the RSI slipped slightly to 55.99 but held marginally above the reference line. Histogram weakness faded further, though the MACD stayed below the reference line. All this indicates a cautious yet positive bias in the near term.
