Market wrap up(DWM,T,N,E):The Nifty 50 extended its upward journey for the fourth consecutive session, closing 32 points higher on September 8, after erasing 112 points from the day’s high due to profit booking. Despite the gains, the index lacked strong momentum and remained rangebound, with stiff upper resistance at 24,900–25,000 and immediate support at 24,700. For a decisive upmove toward 25,000, the index needs to clear 24,800 (which is near the 50-day EMA). Until then, consolidation is likely to persist. A close below 24,700 could open the door for a decline toward 24,500, experts said. The Nifty 50 formed a small bearish candle with a long upper shadow on the daily chart, reflecting selling pressure at higher levels amid rangebound trading. Despite this, the index managed to sustain above the 10-, 20-, and 100-day EMAs, as well as the midline of the Bollinger Bands—a positive sign. The RSI climbed to 50.39, showing a bullish crossover. The MACD maintained its positive crossover, with further strengthening in the histogram. Together, these signal underlying bullish sentiment, though not yet accompanied by a strong directional breakout. The Bank Nifty formed a Doji-like candlestick pattern on the daily chart, following a failed attempt to sustain above the previous week’s high—a sign of indecision between bulls and bears. Technically, the index continues to trade below key moving averages: the 10-, 20-, 50-, and 100-day EMAs, and the midline of the Bollinger Bands. The MACD remains in a bearish crossover, with the histogram below the zero line. The RSI stands at 39.16, but has given a positive crossover, suggesting a mild improvement in momentum. Overall, the setup reflects short-term uncertainty but a potential base formation above the 200-day EMA.
