Market wrap up(DWM,T,N,E):The Nifty 50 corrected 0.6 percent on July 28, extending its downtrend for the third consecutive session and sustaining below the lower line of the Bollinger Bands, as well as below short- and medium-term moving averages. Considering the bearish momentum indicators, the index is likely to consolidate further with a negative bias. According to experts, the 24,600–24,550 zone (which includes the 100-day EMA) and 24,470 (the June low) are the key downside levels to watch. A breach below these could trigger a major sell-off. On the upside, in case of a rebound, the 24,800–24,900 range could act as a resistance zone. The Nifty 50 formed a bearish candle with an upper shadow on the daily charts, indicating weakness and selling pressure at higher levels. The index continued its lower highs–lower lows formation for yet another session and traded below both short- and medium-term moving averages. It is now approaching the 100-day EMA. The Relative Strength Index (RSI) dropped below 40 and stood at 36.92, while the MACD histogram weakened further. This indicates increasing bearish momentum. The Bank Nifty declined 0.8 percent and also formed a bearish candle with a long upper shadow on the daily charts, signaling selling pressure at higher levels. The index fell below the recent swing low with above-average volumes. It traded below the 50-day EMA, with a bearish crossover in both the RSI and the Stochastic RSI. The MACD histogram also showed further weakness with a bearish crossover. This reinforces the negative trend in the banking space.
