Nifty:25285.35/103.55/0.41%;Candle:OF;Long day green; Bank Nifty:56609.75/417.7/0.74% Candle:OF;Long day green ; HB:OGU;Green inverted hammer;982;RIL;OF;Small day green;1381; TCS:OF;Small day red;3028
Market wrap up(DWM,T,N,E):Bulls maintained their hold over the market, decisively driving the Nifty 50 above the 25,200–25,250 zone with a 0.4 percent gain on October 10. Going forward, the index is expected to face resistance at the 25,400–25,450 levels, which will be crucial for its continued upward journey. However, the sharp correction in US counterparts on Friday may impact sentiment in Indian equities on Monday. Still, this is unlikely to alter the broader market trend as long as the Nifty 50 continues to sustain firmly above all key moving averages and the midline of the Bollinger Bands. The 25,000–24,900 range is expected to act as a key support zone in upcoming sessions. A fall below this zone could give the bears an upper hand, according to experts. The Nifty 50 formed a bullish candle with a minor upper shadow on the daily charts, indicating a positive trend despite selling pressure at higher levels. The index remained above all key moving averages and the midline of the Bollinger Bands on both daily and weekly timeframes. The RSI stood at 61, and the MACD maintained a bullish crossover, with further strength seen in the histogram on the daily charts. On the weekly scale, the RSI was at 57.1 with a positive crossover, though the MACD continued to show a negative crossover with the histogram below the zero line. All these indicators suggest underlying strength in the trend, despite mixed signals. The Bank Nifty also formed a bullish candle with a minor upper shadow on the daily timeframe, signalling a bullish trend despite some pressure at higher levels. The index rallied 418 points and closed at the upper Bollinger Band, with the RSI at 66.76. The MACD maintained a bullish crossover with consistent strength in the histogram. However, the Stochastic RSI turned sideways for a couple of sessions, showing a slight negative crossover. Notably, the index decisively closed above the falling resistance trendline (near 56,300). All these factors indicate continued strength with a possibility of further upside, albeit with some caution due to short-term momentum indicators.
