Market wrap up(DWM,T,N,E):The Nifty 50 continued to consolidate for the fourth consecutive session after hitting a new low of 2025, falling by 20 points on February 20. The index consistently defended 22,800 on a closing basis, and on the higher side, it faced resistance at 23,000. Considering the formation of a bullish candlestick with no upper or lower wicks, the bulls seem to be in a better position. If they manage to strengthen further, the immediate target is expected to be 23,000, and above that, 23,200 (near the 20-day EMA or the 61.8% Fibonacci retracement from the June 2024 low to the September high) cannot be ruled out. However, sustaining below 23,000 will continue the consolidation, with key support at the 22,700 level, according to experts. The Nifty 50 reported a bullish candlestick pattern on the daily charts, followed by a strong recovery from the day’s low, signaling strength from the bulls. However, overall, the bears still maintain tight control over the market, as the index traded below all key moving averages, with a continuation of the negative bias in the momentum indicators. The Bank Nifty was rangebound after the previous day’s long bullish candle, declining by 0.5 percent and forming a Doji-like candlestick pattern on the daily timeframe, indicating indecision between bulls and bears. The index could not sustain above the short-term moving averages (10 and 20-day EMA) or the midline of the Bollinger Bands, but the near-term trend still seems to be positive as long as the index holds above the low of February 19 (48,800). Stocks added to F&O ban: Nil
Market wrap up(DWM,T,N,E):Bulls showed healthy strength, taking the benchmark Nifty 50 beyond 23,000, but failed to counter the bear’s attack, which wiped out all intraday gains. As a result, the index closed with a marginal loss amid a rangebound session on February 19. The index continued to take support at 22,800 and formed a higher highs-higher lows formation on the daily charts, although the overall sentiment remains bearish. According to experts, the index may attempt to climb above 23,000 again in the upcoming sessions. Above that, 23,200-23,500 (20-day and 50-day EMA) are likely to be key hurdles. However, below 23,000, consolidation may continue, with the key support zone being 22,800-22,700. The Nifty 50 formed a bullish candle with an upper shadow on the daily charts, indicating selling pressure at higher levels, and continued its higher highs-higher lows formation for another session. However, the overall trend is still in favour of the bears, as the index is trading below all key moving averages (10, 20, 50, 100, and 200-day EMAs) with a negative bias in momentum indicators. The Bank Nifty strongly outperformed the benchmark Nifty 50, rising 1 percent to climb above the 49,500 mark. The index formed a long bullish candle, resembling a bullish engulfing candlestick pattern (though not a classical one) on the daily timeframe. It also climbed above the 10 and 20-day EMAs and entered the upper band of Bollinger Bands, which is a positive sign.
Market wrap up(DWM,T,N,E):The benchmark Nifty 50 had a rangebound trading session on February 18 amid a lack of triggers, closing 14 points lower after moving in a 191-point range. The index continues to take support at 22,800 on a closing basis, given the buying interest at lower levels, and faced resistance at 23,000 on higher levels amid increasing volatility. Though the overall structure is weak, if the index manages to climb above 23,000 and sustain that level, 23,200 (20-day EMA) could be the immediate target, followed by 23,500 (50-day EMA). However, a decisive closing below 22,800 can open the doors for 22,600 (near the support trendline), according to experts. The Nifty 50 formed a bearish candlestick pattern with a long lower shadow, indicating a Dragonfly Doji-like candlestick pattern (not a classical one) on the daily charts. This is generally a bullish reversal pattern, but action in the following session needs to be watched for confirmation. Overall, the structure remains weak, as the index traded below all key moving averages (10, 20, 50, 100, and 200-day EMAs) and in the lower band of Bollinger Bands. The Bank Nifty shed 172 points and formed a bearish candlestick pattern with upper and lower shadows on the daily timeframe, indicating buying interest at lower levels and minor selling pressure at higher levels. The index still traded below all key moving averages as well as in the lower end of Bollinger Bands, signaling weakness.
Market wrap up(DWM,T,N,E):The smart recovery of more than 200 points from the day’s low helped the Nifty 50 snap an 8-day losing streak and close with a 30-point gain on February 17, after taking support at 22,700. However, the overall trend remains in favour of the bears, given the lower top-lower bottom formation. If the index manages to extend the recovery and clear the psychological 23,000 mark, the immediate hurdle is likely to be between 23,150 and 23,300. But if it sustains below 23,000, the consolidation may continue, with support at 22,700. Below that, 22,500 is the level to watch, according to experts. The Nifty 50 formed a bullish candlestick pattern with a minor lower shadow on the daily charts after hitting the bottom line of the Bollinger Bands, but it continued the lower high-lower low formation. The index remained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with a negative bias in momentum indicators. The RSI (Relative Strength Index) stands at 39, and the MACD (Moving Average Convergence Divergence) shows a negative crossover below the zero line, signaling weakness. The Bank Nifty also formed a bullish candlestick pattern with a lower shadow on the daily charts, which is a positive sign. However, it remained in the lower band of the Bollinger Bands and below all key moving averages, continuing the lower high-lower low formation, signaling weakness. The index was up by 160 points.
Market wrap up(DWM,T,N,E):The selling pressure has sustained for the eighth consecutive session, with the Nifty 50 hitting a new low of 2025 on February 14, losing 102 points amid high volatility. Given the consistent downtrend, the index may attempt to bounce back, but the sustainability of the recovery will be key to watch, experts said. According to them, if the index rebounds, 23,250 can act as resistance, followed by 23,400 as the next hurdle. However, sustaining below 23,000 could open doors for 22,750, and then the 22,600 zone. The Nifty 50 formed a bearish candlestick pattern with a lower shadow on the daily charts, while on the weekly scale, there was a long bearish candlestick formation. The index has sustained below all key moving averages (10, 20, 50, 100, and 200-day EMAs) as well as the lower band of Bollinger Bands, with a negative bias in momentum indicators and a lower top-lower bottom formation, signaling weakness. The Bank Nifty also reported a bearish candlestick with a lower shadow on the daily timeframe and a long bearish candlestick on the weekly charts, indicating weakness. Furthermore, the index has entered the lower band of Bollinger Bands and is trading below all key moving averages on the daily charts, while exhibiting a lower top-lower bottom formation.
Market wrap up(DWM,T,N,E):The market failed to sustain its intraday rally due to a lack of strength at higher levels, and there was also a death crossover (the 50-day EMA falling below the 200-day EMA), signaling the strong position of bears at Dalal Street. Experts believe it remains a ‘sell on rally’ market. The index continued its downtrend for the seventh consecutive session. Therefore, if the index decisively breaches 23,000 on a closing basis, the 22,800-22,600 range (Wednesday’s low and the low of June 6, 2024) cannot be ruled out in the upcoming sessions. However, in case of a bounce back, 23,250-23,350 will act as an immediate hurdle zone for the index. The Nifty 50 formed a small-bodied bearish candlestick pattern with a long upper shadow on the daily charts, indicating a lack of strength at higher levels. The index remained not only below all key moving averages (10, 20, 50, 100, and 200-day EMAs) but also in the lower band of Bollinger Bands. Furthermore, the momentum indicators, with RSI (Relative Strength Index) at 40.17, stayed in the lower band, and MACD (Moving Average Convergence Divergence) was below the zero line with a negative crossover, signaling further negativity. The Bank Nifty also reported a bearish candlestick pattern with a long upper wick on the daily timeframe, indicating selling pressure at higher levels. The momentum indicators RSI remained in the lower band, and MACD stayed below the zero line. Additionally, the index traded well below all key moving averages. However, it has consistently defended the midline of Bollinger Bands for the past three straight sessions and the 50% Fibonacci retracement (of the recent rally from 47,844 to 50,642), which is a bit of positive news, though the overall sentiment is still in favour of the bears.
Market wrap up(DWM,T,N,E):The benchmark Nifty 50 showed a smart recovery from the day’s low (almost similar to January’s low), although it sustained a downward journey for six consecutive days, ending the session 27 points lower on February 12. The overall trend remains in favour of the bears, but the chart formation signals the possibility of a rebound soon, according to experts. Therefore, if it sustains 23,000 on a closing basis in the upcoming sessions, the immediate hurdle on the higher side will be 23,200-23,300. However, falling below this level could open the door for Wednesday’s low of 22,800. The Nifty 50 formed a Long Legged Doji candlestick pattern (though not a classical one) on the daily charts, indicating indecision among buyers and sellers. Generally, this pattern acts as a trend reversal signal. The overall trend remains negative, as the index traded below all key moving averages (10, 20, 50, 100, and 200-day EMAs) and is positioned in the lower band of Bollinger Bands. The Bank Nifty also formed a similar pattern as the Nifty 50 (though not a classical one) on the daily timeframe, rising by 76 points after showing a 745-point recovery from the day’s low. The index traded below all key moving averages and dropped below the previous swing low, indicating an overall negative trend. However, it managed to defend the midline of the Bollinger Bands on a closing basis for another session, which is a positive sign.
Market wrap up(DWM,T,N,E):Bears gained more strength on February 11, taking the benchmark Nifty 50 decisively below the midline of the Bollinger Bands, as well as below the low of February 3. The index plunged 1.3 percent on US tariff concerns, negating the higher highs-lower lows formation, signaling weakness ahead. Therefore, if the index decisively breaks 23,000 (which has been defended on a closing basis), the fall may extend to 22,800 (near the low of January). However, in case of a rebound, 23,300 is likely to act as a hurdle on the higher side, experts said. The Nifty 50 formed a long bearish candlestick pattern on the daily charts, continuing the lower highs-lower lows formation for the fourth consecutive session. The momentum indicators, such as the RSI (Relative Strength Index at 41), showed a negative crossover, and the MACD (Moving Average Convergence Divergence) remained below the zero line. The Bank Nifty also reported a long bearish candlestick formation with minor upper and lower shadows on the daily timeframe, and decisively dropped below the support trendline. The index managed to defend the midline of the Bollinger Bands on a closing basis, which is somewhat of a positive sign, but is now trading below all key moving averages (10, 20, 50, 100, and 200-day EMAs) with a negative crossover in RSI.
Market wrap up(DWM,T,N,E):The downtrend continued in the equity markets for the fourth consecutive session on February 10. The benchmark Nifty 50 declined by 178 points, maintaining the pattern of lower tops and lower bottoms for the third day, but defended the midline of the Bollinger Bands placed at the 23,300 zone. If the index manages to defend the 23,300 level, it may face resistance in the range of 23,450-23,500, followed by 23,600 (the 200-day EMA) as key resistance. However, if 23,300 is broken, it could drag the index down to 23,200 (the low of February 3), which is considered a key support area, according to experts. The Nifty 50 reported a bearish candlestick pattern on the daily charts and closed at the 50% Fibonacci retracement of 23,300 (from the January low of 22,787 to the February high of 23,807). This level somewhat coincides with Monday’s low, as well as the midline of the Bollinger Bands. Generally, this is considered a key support level and raises the possibility of a rebound from it. However, breaking this level could give more strength to the bears. The Bank Nifty formed a small bearish candle with a minor upper shadow and a long lower shadow on the daily timeframe. This indicates healthy buying interest at lower levels, though there was some pressure at higher levels, and the index closed with a loss of 178 points on Monday. Additionally, the index defended its short-term moving averages (10 and 20-day EMAs), as well as the upward-sloping support trendline on a closing basis, which is a supportive factor.
