Market wrap up(DWM,T,N,E):Bears continued to dominate the market for the sixth consecutive session, dragging the Nifty 50 down by nearly 1 percent on September 26 and 2.65 percent for the week. The bearish sentiment was clearly reflected in both technical and momentum indicators. The index touched the 24,600 mark—representing the 78.6 percent retracement level of the recent rally—a crucial support zone that may determine the market’s next direction. Following the steep fall, a bounce-back cannot be ruled out; however, the sustainability of any recovery remains key. If the index breaks below 24,600, the next support levels to watch would be 24,400–24,300 in the upcoming sessions. On the upside, it may face resistance around the 24,750–24,900 zone, according to experts. The index formed a long bearish candle on the daily timeframe, continuing its lower high–lower low structure for the sixth straight day. It now trades well below its 20-, 50-, and 100-day EMAs, accompanied by a negative crossover in momentum indicators—all of which signal a prevailing bearish sentiment. The banking index also formed a long red candle on the daily charts, extending its lower top–lower bottom structure for the sixth consecutive session, with above-average volumes. It slipped below the 20-, 50-, and 100-day EMAs. Additionally, the RSI (at 40.92) confirmed a bearish crossover, while the MACD histogram continued to fade and dropped below the zero line, though it has yet to show a full bearish crossover. These indicators collectively point to sustained weakness in the banking space.
