Nifty:25732.3/-57.95/-0.22%;Candle:OGU;Long day red; Bank Nifty:59578.8/128.3/0.22% Candle:OGU;Short day red ; HB:;OGU;:Long day red;RIL:;OGU;Long day red;TCS:;OGU;Short day green;
Market wrap up(DWM,T,N,E):The Nifty 50 gave up some of the previous day’s gains and closed 0.2 percent lower on January 13. The index negated the lower high–lower low formation of the previous five consecutive sessions, but remained below short- and medium-term moving averages along with bearish momentum indicators, indicating a cautious undertone. Consolidation is expected to continue until the index convincingly surpasses the 25,900–26,000 hurdle. Above this zone, an upward move towards 26,200–26,300 cannot be ruled out. On the downside, immediate support is placed at 25,600, followed by a crucial support at 25,450, experts said. The Nifty 50 formed a long bearish candle with a long lower shadow on the daily chart, indicating weakness along with continued buying interest at lower levels. The index reported a higher high–higher low formation for the first time in the last six sessions. It defended the 100-day EMA for the third straight session but failed to close above the 50-day EMA, while the 10-day EMA slipped below the 20-day EMA. Short-term moving averages continued to trend downward. The RSI, at 41.16, remained below the signal line, while the MACD also stayed below the reference line with further weakness in the histogram. All this indicates a lack of clear bullish confirmation and suggests continued caution in the near term. The Bank Nifty rose 0.22 percent and formed a bearish candle with a long lower shadow on the daily timeframe, indicating some weakness, though buying interest continued at lower levels for another session. The index negated the lower low structure of the previous five sessions and climbed above the 20-day EMA, sustaining above the midline of the Bollinger Bands as well as key support trendlines, which is positive. The RSI rose to 53.53 but remained below the reference line, while the MACD stayed below the signal line with weakness in the histogram. All this indicates a mixed-to-positive bias with selective buying at lower levels.
