Nifty:26328.55/182/0.7%;Candle:OF;Long day green; Bank Nifty:60150.95/439.4/0.74% Candle:OF;Long day green ; HB:OF;Long day green;1000;RIL:OGU;Short day green;1593;TCS:OGU;Short day green;3246;
Market wrap up(DWM,T,N,E):The Nifty 50 recorded a healthy run on January 2, surpassing its previous record high after a month and finishing at a new closing high with 0.7 percent gains, while broader markets also joined the rally. The bullish momentum and technical indicators remained strong. Hence, the overall mood is expected to be in favour of bulls. The index needs to decisively surpass 26,350 for a move towards 26,500–26,700. Until then, it may consolidate with range-bound trading, with the 26,100–26,000 zone acting as a key support, according to experts. The Nifty 50 formed a long bullish candle after a falling resistance trendline breakout on the daily charts, with above-average volumes and a move above the upper Bollinger Bands, signalling a healthy bias in the market. The index sustained well above all key moving averages, with short-term moving averages trending upward. The RSI climbed to 62.39, the Stochastic RSI maintained a bullish crossover, and the MACD turned positive with the histogram gaining further strength. All this indicates strong bullish momentum and improving market sentiment. he Bank Nifty also reported a long green candle after decisively breaking out above the 59,800 hurdle, rising 0.74 percent and hitting a new high of 60,204 with above-average volumes, indicating strong momentum. The banking index closed well above the upper Bollinger Bands, while the RSI jumped to 67.55. The MACD recorded a bullish crossover, with the histogram climbing above the zero line. All this indicates sustained strength and continued bullish dominance in the banking space.
