Market wrap up(DWM,T,N,E):The Nifty 50 snapped a three-day losing streak and gained 0.6 percent on July 29 after taking support at the 100-day EMA (24,580), but the lower highs–lower lows formation continued for the third consecutive session, and the index remained below the 50-day EMA (24,950). Hence, unless the index sustains above 24,950, rangebound trading is expected to continue, with immediate support at 24,700, followed by 24,600 as key support. Above this, 25,100 is the level to watch, according to experts. The Nifty 50 formed a bullish candle, resembling a Bullish Engulfing kind of candlestick pattern on the daily charts, which appeared near the 100-day EMA in a weak market. The follow-up session is important to watch for confirmation of this bullish reversal pattern. The index still sustained below the short-term (10- and 20-day EMA) and medium-term (50-day EMA) moving averages. The weakness in the MACD histogram is waning, while the RSI inclined upward and came back above the 40 mark at 42.05, though it remained in a bearish crossover. The Bank Nifty gained 0.24 percent and also formed a bullish candle on the daily charts, but underperformed the benchmark Nifty 50 and continued the lower tops–lower bottoms formation for the third consecutive session. The banking index came back above the 50-day EMA with above-average volumes and managed to defend the downward-sloping support trendline but still traded below short-term moving averages. The Stochastic RSI and MACD maintained a bearish crossover, with the MACD weakening further.
