Market wrap up(DWM,T,N,E):The Nifty 50 staged a healthy recovery in the last hour of trade on August 7, rebounding from a knee-jerk reaction to the Trump tariff announcement, and closed 22 points higher. The index managed to end the day just above the 100-day EMA (24,595) after recovering 250 points from the day’s low. However, it continued to trade below the 20-day and 50-day EMAs (24,850–24,900), signaling that bears remain active. According to experts, the index needs to sustain above the 100-day EMA to initiate an upward journey toward 24,900. Until then, consolidation and rangebound trading are expected to continue, with support placed at 24,350 (Thursday’s low). The Nifty 50 formed a decent bullish candle with a long lower shadow on the daily charts, indicating market participants are willing to accumulate on dips. The index still maintained a lower highs–lower lows formation. Additionally, the 20-day EMA has crossed below the 50-day EMA, a sign of short-term weakness. The RSI remains at 39, sustaining its bearish crossover. The MACD is well below the zero line, although weakness in the histogram has faded further. All these technical indicators suggest that the broader trend remains cautious, The Bank Nifty also formed a bullish candle with a lower wick, pointing to buying interest at lower levels, but the index continued its lower tops–lower bottoms formation. While it sustained above the 100-day EMA, it still traded well below the short-term moving averages (20-day and 50-day EMAs) and also below the midline of the Bollinger Bands. Additionally, the MACD remains below the zero line, though the momentum weakness has reduced. The RSI stands at 38.76, maintaining a bearish crossover. These indicators collectively suggest that the overall structure remains weak, and further confirmation is needed for a bullish reversal.
