Nifty has been trading in an uptrend with formations of higher highs and higher lows. The index has also managed to sustain above its 21DEMA since April 2023. Nifty is trading in an ascending channel pattern and bouncing strongly whenever it approaches the channel support.
Shares of Adani Enterprises, along with other Adani Group companies, have ended the day in the negative territory. The sharp fall in Adani Enterprises stocks of over 6% was backed by high volumes, making investors poorer by $1.4 billion. The fall in trading saw the stock snap a two-day winning streak, following a roller coaster ride in the last 3-4 months
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Indian equity markets saw gains on Friday, with the Nifty rising by 0.74% to end above the 18,800 level. Mid- and small-caps outperformed the headline indices, while the Nifty Mid-cap index hit an all-time high. The bullish market sentiment was due to hopes of an extended pause in rate changes by the Fed, coupled with an increase in retail sales and a decline in import prices. Technically, the Nifty formed a long bull candle, indicating a positive trend. Moving Average Convergence Divergence (MACD) showed bullish trades on the likes of BHEL and HDFC while signals of weakness were seen on IOC and Sobha among others.