Nifty:26142.1/-35.05/-0.36%;Candle:OF;Long day red; Bank Nifty:59183.6/-115.95/-0.2% Candle:OF;Long day red ; HB:OGD;Short day green;995;RIL:OF;Short day red;1561;TCS:OF;Short day green;3313;
Market wrap up(DWM,T,N,E):The Nifty 50 saw consolidation for another session and closed flat with a negative bias on December 24, especially after the recent rally, but continued its higher-high-higher-low formation and sustained well above all key moving averages. According to experts, the consolidation may continue for one or two more sessions; however, they remain hopeful of an upward journey toward the 26,300 and 26,500 levels in the short term, given the positive technical and momentum indicators. Meanwhile, derivative data suggested that support has shifted higher to the 26,100–26,000 zone. The Nifty 50 formed a small bearish candle with an upper shadow on the daily timeframe but held the previous day’s closing level, indicating a continuation of a breather for another session after the recent rally. The index sustained well above all key moving averages as well as the midline of the Bollinger Bands. The RSI also stayed above the reference line, though it dropped slightly to 57.18, while the MACD turned positive with the histogram rising further. The Stochastic RSI also sustained a bullish crossover. All this indicates continued strength with short-term consolidation. The Bank Nifty formed a bearish candle with an upper shadow on the daily charts with lower volume and continued to hover around short-term moving averages and the midline of the Bollinger Bands, while sustaining above the falling resistance trendline, which has now turned into support. The index moved closer to 59,500 before closing 116 points lower. The RSI slightly turned bearish, but the Stochastic RSI still held above the reference line. The MACD maintained a bearish crossover, but the weakness in the histogram faded further for the fourth consecutive session. All this indicates limited downside and possible base formation.
