Key Levels For The Nifty 50 (22,722)

Resistance based on pivot points: 22,743, 22,845, and 23,011
Support based on pivot points: 22,412, 22,309, and 22,144

Special Formation: The Nifty 50 formed a long bullish candle on the daily chart, resembling a bullish engulfing pattern, and closed above the previous day's high, signalling a strong comeback by the bulls. The index continued to trade below all key moving averages (20-, 50-, 100- and 200-day EMAs), although it managed to move back above the 10-day EMA. Momentum indicators pointed to a gradual easing of bearish momentum. The Relative Strength Index (RSI) rose to 43.43 and remained above its signal line, while the MACD registered a bullish crossover, with its histogram turning green for the first time in nearly two months. Taken together, these technical signals suggest an improvement in near-term momentum, although th0e index remains below its key moving averages, indicating that the broader trend has yet to turn decisively bullish.

Key Levels For The Bank Nifty (55,481)

Resistance based on pivot points: 55,568, 55,760, and 56,072

Support based on pivot points: 54,945, 54,752, and 54,440

Resistance based on Fibonacci retracement: 55,897, 57,285

Support based on Fibonacci retracement: 55,049, 54,053

Special Formation: The Bank Nifty also rebounded sharply after a day of selling pressure, forming a bullish engulfing-like candlestick pattern (not a classical one) on the daily chart, signalling a bullish bias. The index gained 1 percent and decisively moved above the 55,200 resistance level. It also closed above its short-term moving averages for the first time since September, indicating an improvement in near-term momentum. Among the momentum indicators, the RSI rose to 48.22, registering a positive crossover, while the MACD remained above its signal line. Additionally, the MACD histogram's green bars expanded for the third consecutive session, suggesting strengthening bullish momentum.

GIFTNifty lower, trading at a discount of over 65 points from Nifty Futures Tuesday's close, indicates a start in the red for the Indian market