Market wrap up(DWM,T,N,E):The Nifty 50 rebounded after a day of profit booking and ended the rangebound session 0.1 percent higher on July 1. The index sustained above 25,500 on a closing basis for another session. Technical indicators suggest a phase of consolidation may continue for a few more sessions following the recent sharp rally, with the 25,650–25,700 zone likely to act as resistance on the upside. Sustaining above this zone could open the door for further gains. On the downside, the 25,400–25,300 area is expected to serve as a support zone, according to experts. The Nifty 50 formed a Doji candlestick pattern on the daily timeframe, indicating indecision among bulls and bears after trading within the previous day’s range. The index traded near the upper Bollinger Bands and sustained well above the support trendline. The MACD maintained a positive crossover, though the bullish bias in the histogram appears to be fading. The RSI, at 64.29, sustained its positive crossover. However, the Stochastic RSI gave a negative crossover in the upper band, indicating potential short-term weakness or sideways movement.
Market wrap up(DWM,T,N,E):The Nifty 50 slipped into the red for the first time in the last five consecutive sessions, declining by 0.5 percent on June 30 due to profit booking, following a 2 percent rally in the past week. Overall, the trend remains upward, although consolidation and range-bound trading may persist for a few more sessions before the market enters a fresh leg of the upmove, according to experts. As long as the index trades below 25,700, the consolidation may continue, with support at 25,400—below which the correction could extend to 25,200, a key support zone. The Nifty 50 formed a bearish candle, resembling a Bearish Engulfing pattern at the swing high on the daily charts. A confirmation of a short-term trend reversal will be seen in the following session. The index still traded near the upper line of the Bollinger Bands, while the MACD maintained a positive crossover, with a healthy bias reflected in the histogram. The RSI, currently at 63.84, remained strong though it tilted slightly downward. The Bank Nifty maintained its higher highs–higher lows formation and continued to trade near the upper Bollinger Bands, despite a mild correction of 0.23 percent. The index traded well above short-term moving averages, with a visible expansion in the Bollinger Bands. The MACD sustained a positive crossover, accompanied by a positive bias in the histogram. The Stochastic RSI also trended upward with a positive crossover, while the RSI, at 65.32, remained in a positive crossover but showed a slight downward tilt.
