Market wrap up(DWM,T,N,E):The Nifty 50 recorded 95-point gains on September 9, with bulls supporting the market for five consecutive sessions and pushing the index above the 50-day EMA. With this, the index is now trading above all key moving averages, along with bullish crossovers in momentum indicators, signaling a positive bias. Hence, the benchmark index is expected to march toward the psychological 25,000 mark in the upcoming sessions, despite possible intermittent consolidation — provided the 24,700 support level holds. If this level is breached, 24,500 could act as a crucial support, according to experts. The Nifty 50 formed a Doji-like candlestick pattern on the daily charts, indicating indecision among bulls and bears. The index has surpassed all key moving averages and the midline of the Bollinger Bands due to the five-day rally. The RSI inched up to 53.55 with a positive crossover. The MACD sustained a bullish crossover, with the histogram gaining further strength. All these signals point toward continued bullish momentum. The Bank Nifty formed a small bearish candlestick with a lower shadow within the previous day’s trading range on the daily timeframe, indicating range-bound trading. The index, which has been consolidating for the fourth day in a row, continues to trade below the 20-day, 50-day, and 100-day EMAs, as well as the midline of the Bollinger Bands, signaling that bears remain in a stronger position. The RSI climbed to 39.68, sustaining a positive crossover. The MACD is on the verge of a bullish crossover, though still below the zero line. The MACD histogram remains below the zero line. All these indicators suggest ongoing weakness, but with potential for a near-term reversal if bullish signals strengthen.
