Stocks retained in F&O ban: Manappuram Finance, RBL Bank
Stocks removed from F&O ban: Nil
Market wrap up(DWM,T,N,E):The market was caught in a complete bear trap on January 6, with the Nifty 50 falling 1.6% due to selling across sectors, breaking the crucial support of the 200-day EMA (23,700). The index extended its downtrend for the second consecutive session, with a negative bias in momentum indicators. If the index sustains below the 200-day EMA, the immediate downside target would be 23,450-23,500 (around the December low), followed by 23,263, which is a crucial support level. On the higher side, immediate resistance is placed at 23,700, followed by the 23,900-24,000 zone, experts said. The Nifty 50 has formed a long bearish candlestick pattern on the daily timeframe with a lower top-lower bottom formation, indicating weakness. The index is currently trading in the lower band of the Bollinger Bands, as well as below all key moving averages, with a negative crossover in the momentum indicators RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence). The Bank Nifty also formed a long red candle on the daily charts and moved closer to the lower end of the Bollinger Bands, with a lower high-lower low formation, signaling a downtrend. With a decisively falling below 200-day EMA, the banking index is now trading below all key moving averages and remains in the lower band of the Bollinger Bands. The momentum indicators RSI and MACD are also in negative territory.
