Market wrap up(DWM,T,N,E):The Nifty 50 fell by half a percent, extending its downtrend for the second consecutive session on September 22. However, it managed to defend the breakout zone at 25,150 intraday, which coincides with the 10-day EMA, especially ahead of the weekly F&O expiry scheduled for September 23. Overall, the trend remains in favour of the bulls, as the index stayed well above all key moving averages, despite expectations of near-term consolidation and range-bound trading. If the index holds the 25,150 support level, bulls may drive the index towards 25,450–25,500, followed by 25,700. On the lower side, the levels to watch are 25,000–24,900, according to experts. The Nifty 50 formed a bearish candle with a long upper shadow and a minor lower shadow on the daily charts, indicating pressure at higher levels and some buying interest at lower levels. The index sustained above the 10-day EMA intraday, while the MACD, along with the histogram, stayed above the zero line with a positive crossover. The RSI tilted down for another session and is on the verge of a negative crossover, falling below the 60 mark to 58.19. All of this indicates a cautious short-term outlook. The Bank Nifty formed a bearish candle with a long upper shadow on the daily timeframe, indicating selling pressure at higher levels. Despite this couple of days of downtrend, the banking index sustained above all key moving averages. The MACD stayed in a bullish crossover, with the histogram above the zero line. The RSI, at 54.47, declined but maintained a positive crossover. This indicates a mixed outlook for the banking index, with potential for some near-term volatility.
