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.
