Nifty:26042.3/-99.8/-0.38%;Candle:OF;; Bank Nifty:59011.35/-172.25/-0.29% Candle:OF; ; HB:OGD;Short day red;992;RIL:OGD;Short day green;1560;TCS:OGD;Short day red;3277;
Market wrap up(DWM,T,N,E):The Nifty 50 extended its downward move for another session, negating the higher-highs–higher-lows formation of the previous four consecutive days and falling 0.38 percent, though it defended short-term moving averages and the midline of the Bollinger Bands on December 26. According to experts, the market is expected to remain rangebound amid low volumes. If the index falls and sustains below the immediate key support of the 26,000–25,950 zone, selling pressure may widen; however, holding above this zone could take the index toward the 26,100–26,150 zone. The trading range for the next couple of sessions could be 25,950–26,300. The Nifty 50 formed a bearish candle with minor upper and lower shadows on the daily charts, indicating weakness, though support was seen at short-term moving averages and the midline of the Bollinger Bands on a closing basis. The index witnessed a lower-high–lower-low formation for the first time in the last five sessions. The RSI, at 52.97, inched down toward the reference line, while the Stochastic RSI showed a negative crossover. The MACD sustained slightly above the reference line, though the histogram strength weakened. All this indicates cautious sentiment with increasing downside risk unless key supports hold. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily timeframe, indicating weakness amid volatility. The index sustained below short-term moving averages as well as the midline of the Bollinger Bands. The RSI dropped to 50.06, and the Stochastic RSI turned bearish. The MACD remained below the reference line, with weakness in the histogram. All this indicates a weak short-term trend with limited upside until key resistance levels are reclaimed.
