Market wrap up(DWM,T,N,E):The Nifty 50 wiped out all of its previous day’s gains and fell below the 200-day EMA (23,700) after rangebound trading over the past four sessions. It closed 168 points down on December 30, marking a negative start to the week. Bearish sentiment prevailed in the market, with all technical indicators in negative territory. Experts suggest that if the index sustains below 23,700, the first downside target would be 23,500, followed by 23,263 (the November low), which is a crucial support level. In the event of a rebound, 23,900–24,000 will act as key resistance levels. The Nifty 50 formed a bearish candlestick pattern with a sizeable upper wick on the daily charts, coupled with above-average volumes. This follows a phase of rangebound trading over the past four sessions, signaling weakness. With the break below the 200-day EMA, the index is now trading beneath all key moving averages, reflecting a negative bias. Momentum indicators such as RSI, MACD, and KST also indicate bearish sentiment. The Bank Nifty also formed a bearish candlestick pattern, characterized by a long upper wick and a small lower shadow on the daily timeframe. This reflects a lack of strength at higher levels. While the index touched all key moving averages intraday, it failed to sustain above those levels and closed in the lower band of Bollinger Bands. Negative momentum indicators further highlight the weakness. The index fell by 359 points on Monday.
