Uptrend Intact, Doubts Rejected: Market Says ‘Carry On’

   Markets extended gains for a third straight session:

• Nifty closed at 23438 (+0.47%)

• Bank Nifty ended at 53117 (+1.41%)

The Hanging Man pattern discussed in our April 16 analysis did not trigger further downside, keeping bullish momentum intact.

Nifty Technicals

• Nifty now comfortably above its 100-day SMA

• No bearish confirmation after the Hanging Man candle

OI &PCR:

• OI in Nifty Futures dropped by 2.6%, pointing to short covering

• PCR near ATM: 0.73, overall: 0.8 → Neutral

Outlook: Neutral to slightly bullish. Above 23500, we may see directional momentum.

Bank Nifty Technicals

• Bank Nifty entered an upward sloping channel two sessions ago

• Currently trading near the lower boundary of this channel, offering potential support

• OI fell by 1.31% → Short covering

Outlook: Neutral to bullish
Pullback towards channel base is natural. If it holds, fresh buying may come in from here.