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.
