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.
