Market wrap up(DWM,T,N,E):The Nifty 50 extended gains for the second consecutive session, rising 0.4% on January 1, marking a positive start to the new year, 2025. The index climbed above the 200-day EMA (23,700) but remained below the 200-day SMA (23,880), which is critical for further upward momentum. If the index sustains above 23,700, the first target would be 23,900, followed by 24,000, a key resistance zone. However, failure to maintain levels above 23,700 could pull the index down toward the 23,600–23,500 range, experts suggested. Overall, the index is expected to trade within the 23,500–24,000 range in the upcoming sessions. The Nifty 50 has displayed a bullish candlestick pattern on the daily timeframe, forming higher highs and higher lows—a positive signal. However, the broader sentiment remains weak as the index is still trading below the 10, 20, 50, and 100-day EMAs. Momentum indicators, such as the RSI and MACD, also reflect a negative bias. he Bank Nifty managed to close above both the 200-day EMA and 200-day SMA, defending these critical levels. Additionally, it held above an upward-sloping support trendline, which is a positive indicator. However, it continues to trade below the 10, 20, 50, and 100-day EMAs and remains in the lower band of the Bollinger Bands. The negative bias in momentum indicators suggests short-term weakness.
