Nifty:25876.85/-263.9/-1.01%;Candle:OGD;Long day red; Bank Nifty:59686.5/-304.35/-0.51% Candle:OGD;Short day red ; HB:OGD;Short day green;948;RIL:OF;Long day red;1471;TCS:OGD;Long day red;3196;
Market wrap up(DWM,T,N,E):The Nifty 50 decisively fell below short- and medium-term moving averages in a single session on January 8, plunging a little over 1 percent. In fact, it was broad-based selling, with the broader markets correcting nearly 2 percent as bears took complete control of the market. A rebound may be possible after four days of weakness, but sustainability will be the key factor to watch. If the index sustains below the 50 DEMA (25,900), the downward journey may extend toward 25,700, while crucial support is placed at 25,500. However, on the higher side, 26,000 is expected to act as resistance, as only a convincing close above this level can revive buying interest, experts said. The Nifty 50 formed a long bearish candle on the daily charts, with the continuation of a lower high–lower low formation for the third straight session, accompanied by above-average volumes. The market mood appears to be deteriorating as the index slipped below short- and medium-term moving averages. The RSI dropped to 44.11 with a negative crossover, while the MACD turned bearish, with the histogram declining below the zero line. All this indicates strengthening bearish momentum in the short term. The Bank Nifty formed a bearish candle with upper and lower shadows on the daily charts, falling about half a percent, which is a smaller loss compared to the Nifty 50. The index continued to hold above short-term moving averages and the midline of the Bollinger Bands, as well as the falling support trendline, which is a positive sign. However, the RSI turned slightly bearish and dropped to 56. The MACD remained above the reference line, but momentum faded further in the histogram. All this indicates a phase of consolidation with a cautious undertone.
