Market wrap up(DWM,T,N,E):The market rebounded sharply after a three-day correction, taking support at the rising trendline (24,420) and finishing 0.81 percent higher on September 1, marking a good start to the week. Overall, the sentiment remains bearish, and the sustainability of this rally is key to watch. The index reached close to the 100-day EMA (24,630), which is crucial for a further upward move toward the 24,700–24,800 levels. Sustaining above this level can drive the index toward the 25,000 mark. However, a decisive fall below the 24,420 level could open the door for a retest of the August low of 24,330, according to experts. The Nifty 50 formed a long bullish candle on the daily timeframe, negating the lower highs of the previous six consecutive sessions. The index surpassed the 100-day EMA intraday and closed just below it. It is still well below the 10-, 20-, and 50-day EMAs. The RSI moved upward to 45.5, while the MACD still showed a negative crossover. The MACD histogram remains below the zero line, although the weakness has faded. This indicates a potential shift in momentum, but confirmation is awaited. he Bank Nifty also bounced back after five days of selling pressure and defended the previous day’s low. The index traded within the previous day’s range and formed a green candle on the daily timeframe, though it remains below the 20-, 50-, and 100-day EMAs. The RSI showed an uptick toward 33.39 but maintained a bearish crossover. The MACD also stayed in a negative crossover, and the histogram remained below the zero line. This indicates persistent weakness, despite the intraday recovery.
Market wrap up(DWM,T,N,E):The market corrected for the third consecutive session, falling 0.3 percent on August 29 and 1.8 percent for the week. Bearishness prevailed, driven by weakness in technical and momentum indicators, with the index trading below all key moving averages except the 200-day EMA. Hence, according to experts, if the index fails to defend the 24,400 zone in the upcoming session, a fall toward 24,330-24,270 (August low and 200-day EMA) can be seen. However, holding this zone could drive the index higher toward the 24,600–24,700 levels, followed by 24,800–25,000. The Nifty 50 formed a bearish candle with a long upper shadow and a minor lower shadow on the daily charts, signaling selling pressure at higher levels. This somewhat resembles an Inverted Hammer candlestick pattern, typically a bullish reversal pattern in a downtrend — but confirmation from the following session is required. The index defended the rising support trendline on a closing basis, but traded below the 20, 50, and 100-day EMAs. The RSI dropped to 39.14 with a negative crossover, while the MACD gave a bearish crossover, with the histogram turning weaker. This indicates continued weakness in momentum. The Nifty 50 formed a bearish candle with a long upper shadow and a minor lower shadow on the daily charts, signaling selling pressure at higher levels. This somewhat resembles an Inverted Hammer candlestick pattern, typically a bullish reversal pattern in a downtrend — but confirmation from the following session is required. The index defended the rising support trendline on a closing basis, but traded below the 20, 50, and 100-day EMAs. The RSI dropped to 39.14 with a negative crossover, while the MACD gave a bearish crossover, with the histogram turning weaker. This indicates continued weakness in momentum.
