Market wrap up(DWM,T,N,E):The Nifty 50 was weak for another session but managed to defend the previous day’s low and traded within Wednesday’s range, falling 0.2 percent on July 3. The momentum indicators RSI and Stochastic RSI signaled the possibility of further consolidation. In case the index rebounds while defending the 25,400–25,380 zone (the low of the previous two sessions), the 25,500–25,600 range is the level to watch on the higher side. However, a decisive breakdown below these levels could drag the benchmark index toward the support zone of 25,350–25,250 (10-day EMA and upward-sloping resistance trendline turning into support), according to experts. The Nifty 50 formed a bearish candle with an upper shadow on the daily charts, indicating a continuation of consolidation with a negative bias. The overall trend remains positive as long as the index holds above short-term moving averages (10-day and 20-day EMAs) and the midline of the Bollinger Bands. The MACD tilted down slightly, with fading momentum in the histogram, though it still holds a positive crossover. The Stochastic RSI sustained its negative crossover, and the RSI (at 59.74) is on the verge of a negative crossover. The Bank Nifty retreated from the upper line of the Bollinger Bands and moved closer to the mid-band, forming a lower high–lower low pattern. The index formed a bearish candle with a minor upper shadow on the daily timeframe, signaling pressure at higher levels. It closed below the 10-day EMA, and sustaining below this level could invite further selling pressure. The RSI at 56.70 showed a negative crossover, while the Stochastic RSI remained in a negative crossover. The MACD is on the verge of a negative crossover, all of which indicate the likelihood of continued consolidation with a negative bias.
