Nifty:25942.1/-100.2/-0.38%;Candle:OF;; Bank Nifty:58932.35/-79/-0.13% Candle:OF; ; HB:OF;Short day red;993;RIL:OF;Short day red;1547;TCS:OF;Short day red;3256;
Market wrap up(DWM,T,N,E):The Nifty 50 remained under pressure for the third straight session, falling four-tenths of a percent on December 29 ahead of the monthly F&O expiry due on December 30. The index broke below short-term moving averages and the midline of the Bollinger Bands, accompanied by bearish momentum indicators. The next support is placed at the 50 EMA (25,830), followed by 25,726 as a key support zone. If the index breaks below 25,726, the higher high–higher low formation could get negated and bears may take control. However, holding consistently above this level and bouncing back may raise the possibility of the index moving toward 26,300 and the continuation of the higher high–higher low structure, experts said. The Nifty 50 formed a bearish candle on the daily timeframe and dropped below short-term moving averages, signalling bearish sentiment. Momentum indicators also remained weak, with the RSI falling below 50 to 49.06, while the Stochastic RSI sustained below its reference line. The MACD turned bearish, with the histogram falling below the zero line. All these indicators point to short-term weakness in the index. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily charts, indicating indecision between bulls and bears. The banking index sustained below short-term moving averages (10- and 20-day EMAs) and the midline of the Bollinger Bands, while momentum indicators remained bearish, with the RSI falling to 48.5. The MACD also sustained below its reference line with consistent weakening in the histogram. All these signals indicate short-term uncertainty and bearish bias in the Bank Nifty.
