Market wrap up(DWM,T,N,E):The Nifty 50 lost nearly 250 points from near 25,000 on profit booking and closed with moderate gains on September 4. The trend is expected to turn stronger if the index sustains above the 20- and 50-day EMAs, as it has already traded above the midline of the Bollinger Bands and the 100-day EMA for another session. During the day, the index managed to defend the 24,700 level, which is expected to act as immediate support. If this level is breached, a fall towards the 24,500–24,400 zone can’t be ruled out. On the higher side, the 25,000 level is likely to be a key decisive zone for any upward movement toward 25,500, according to experts. The Nifty 50 formed a long bearish candle on the daily timeframe, resembling Bearish Belt Hold and Bearish Meeting Line candlestick patterns, both signalling a negative trend. The index also traded below the 50-day EMA and near the 20-day EMA, but continued to hold above the midline of the Bollinger Bands and the 100-day EMA. The RSI stood at 49.09, showing a positive crossover. The MACD also gave a bullish crossover, with the histogram turning positive. The Stochastic RSI sustained its positive crossover. These indicators suggest that while the overall trend appears cautious due to the bearish candlestick patterns, underlying momentum is trying to turn positive. The Bank Nifty also gave up early gains and closed just 8 points higher, forming a bearish candle on the daily chart. The index remained below the 20-, 50-, and 100-day EMAs, but continued to trade well above the 200-day EMA (placed at 53,587). It tested the 38.2% Fibonacci retracement level at 54,400 (measured from the April low to the July high), but failed to sustain above it. The RSI stood at 37.28, remaining below its signal line. The MACD also maintained its negative crossover, with the histogram below the zero line. These indicators reflect ongoing weakness and lack of momentum in the Bank Nifty.
