Market wrap up(DWM,T,N,E):The Nifty 50 saw a minor pullback on September 19, after moving closer to a long-standing falling resistance trendline, which lies around the 25,450–25,500 range. This came after the index had posted gains for three consecutive sessions, with the day ending 0.4 percent lower. Analysts suggest that this consolidation may continue for a few sessions. However, the overall trend remains bullish, supported by positive technical and momentum indicators. If the index manages to hold the 25,250–25,150 support zone, an upward breakout post-consolidation could push the Nifty toward 25,500–25,700 levels. Conversely, a sharp fall below this zone could trigger bearish sentiment, bringing bears back into action, experts noted. The Bank Nifty also experienced a half-percent pullback on the day, following 12 consecutive sessions of gains, and amid above-average volumes. However, it too remained above all key moving averages. The MACD moved above the zero line with a positive crossover, and the histogram remained above zero. The RSI declined slightly to 57.56, down from above 60, but still maintained a bullish crossover. Despite the pullback, the underlying structure remains strong, and technical indicators continue to favour bulls. The Nifty 50 formed a bearish candle on the daily charts amid high volumes, but importantly, it sustained well above all key moving averages. Both short-term and medium-term moving averages are currently trending upward. The MACD showed a bullish crossover, with the histogram staying well above the zero line. The RSI stood at 63.71, maintaining a positive crossover, though it showed a slight downward inclination. All these indicators collectively suggest that bullish momentum remains intact, despite the short-term pullback.
