Market wrap up(DWM,T,N,E):The Nifty 50 extended its upward journey with moderate gains of 34 points amid rangebound trading on July 30, especially ahead of the monthly F&O contracts expiry due on July 31 and the FOMC meet outcome tonight where the interest rates were left unchanged. The index remained within the 50-day EMA (24,950) and 100-day EMA (around 24,600), which can act as key resistance and support levels in the upcoming sessions. If the index fails to defend the 24,650–24,600 support zone, amid a possible knee-jerk reaction to Trump’s 25 percent tariff imposition on India, the bears may gain strength. However, on the higher side, surpassing 24,950 could open the door for 25,150–25,250 levels, according to experts. The Nifty 50 formed a small bearish candle with a lower shadow on the daily charts after the previous day’s Bullish Engulfing candle, while also negating the lower highs–lower lows formation of the previous three sessions. This indicates rangebound action below the immediate hurdle of 24,900–25,000, as per the change in polarity. The index remained below the 50-day and 20-day EMAs, while the Stochastic RSI showed a bullish crossover, and MACD histogram weakness waned further. The RSI inched up further to 43.25. Altogether, these indicators suggest cautious optimism within a constrained range. The Bank Nifty continued to defend the 50-day EMA on a closing basis as well as the falling support trendline, although it formed a bearish candle on the daily timeframe and fell 71 points with above-average volumes. The banking index also negated the lower highs–lower lows pattern of the previous three straight sessions but still traded below the 20-day EMA. The RSI stood at 44.14, while both the Stochastic RSI and MACD maintained bearish crossovers, with the MACD histogram weakening further. These indicators collectively point to a continued bearish undertone, despite near-term support holding.
