Nifty:25683.3/-193.55/-0.75%;Candle:OGD;Long day red; Bank Nifty:59251.55/-434.95/-0.73% Candle:OGD;Short day red ; HB:OGD;Long day red;939;RIL:OF;Short day green;1476;TCS:OGD;Short day green;3213;
Market wrap up(DWM,T,N,E):The Nifty 50 appeared to be caught in a bear trap as it witnessed a downtrend throughout last week ending January 9, with major selling pressure seen in the final two sessions. Momentum indicators signalled bearishness. Hence, experts expect bears to maintain the upper hand, with the possibility of further consolidation over the next few sessions. Sustaining below 25,700 could open the door for a decline towards 25,600, the immediate support, followed by crucial support levels at 25,450 and 25,300. However, on the upside, if the index reclaims and sustains above 25,700, the 25,900–26,000 zone will be the key area to watch. The Nifty 50 formed a long bearish candle with minor upper and lower shadows on the daily charts, accompanied by above-average volumes, indicating a continuation of the downtrend amid heightened volatility. The index fell below short- and medium-term moving averages and approached the 100-day EMA, while also trading below the lower Bollinger Bands. Momentum indicators signalled a bearish trend, with the RSI falling to 38.55 and the MACD turning negative as the histogram continued to decline. All these factors indicate sustained selling pressure and a weak short-term outlook. The Bank Nifty also formed a red candle with minor upper and lower shadows on the daily timeframe and slipped below the 20-day EMA as well as the midline of the Bollinger Bands, signalling that bears are gradually gaining strength. The index declined 0.73 percent amid high volumes. The RSI dropped to 47.96, while the MACD slipped below the reference line, with the histogram falling below the zero line. All these indicators suggest increasing bearish momentum.
