Market wrap up(DWM,T,N,E):The Nifty 50 extended its weakness amid rangebound trading for another session on February 6, falling by four-tenths of a percent as traders remained cautious ahead of the RBI MPC (Monetary Policy Committee) meeting outcome due on February 7. As a result, consolidation cannot be ruled out in the upcoming session, though the overall trend remains positive. In the case of a correction, the index may fall to 23,400-23,450 (near the 10 and 20-day EMAs), followed by 23,200, which is considered crucial support (where it negates the higher high-higher low formation). On the higher side, 23,800 is expected to be a crucial hurdle for the index, as above this level, 24,000 is the next key level to watch, experts said. The Bank Nifty continued to outperform the Nifty 50 ahead of the RBI policy decision, ending 0.08 percent higher and forming a small bearish candle with a minor upper and long lower shadow on the daily timeframe. This suggested buying interest at lower levels, as the index still defended the 50 and 200-day EMAs on a closing basis and remained near the upper line of the Bollinger bands. The momentum indicators, with the RSI (Relative Strength Index) at 56.85, remained in the upper band, and the MACD (Moving Average Convergence Divergence) moved closer to the zero line.
