Nifty:2626146.55/16.95/0.06%;Candle:OGU;Doji; Bank Nifty:59711.55/129.7/0.22% Candle:OGU;SHort day red ; HB:OGU;Doji;991;RIL:OGU;Doji;1573;TCS:OGU;Short day green;3225;
Market wrap up(DWM,T,N,E):The Nifty 50 maintained its upward journey for another session amid range-bound trading and closed 17 points higher on January 1. The index made an attempt to hit the 26,200 level, which also coincides with a falling resistance trendline, but failed to sustain near it and finished slightly below 26,150. Momentum and technical indicators remained supportive; hence, experts believe the index is expected to give a strong breakout above 26,200 and march toward the 26,350–26,400 zone in the upcoming sessions. Until then, minor consolidation may continue, with immediate key support placed in the 26,050–26,000 zone. The Nifty 50 formed a small-bodied bearish candle with minor shadows on the daily charts, indicating range-bound trading, but continued its higher high–higher low structure for another session after taking support and forming a higher bottom on the day of the Doji candle formation on December 30. Further improvement was seen in momentum indicators, with the RSI at 56.65 and the Stochastic RSI maintaining a bullish crossover. The MACD showed a bullish breakout, with the histogram climbing above the zero line. All these indicators suggest continued underlying strength in the trend despite short-term consolidation. The Bank Nifty also witnessed range-bound trading, forming a small bullish candle on the daily timeframe and closing near the upper Bollinger Bands. The index could not move beyond the previous day’s high, though it continued its upward journey for the third straight session, rising 130 points. The RSI climbed to 61.95 and the Stochastic RSI reached 81.50, while the MACD remained on the verge of a bullish crossover, with weakness in the histogram fading further. All these indicators point to sustained bullish bias with a possibility of continuation once resistance levels are crossed.
