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.
