Market wrap up(DWM,T,N,E):The Nifty 50 fell, though moderately, for the first time in the last five consecutive sessions, closing with a loss of just 26 points on February 1, the budget day. However, the index maintained a higher highs-higher lows formation for five consecutive days and negated the lower highs-lower tops formation, signaling a positive trend. The index firmly stayed above the upper range of the previous two weeks, i.e., above 23,400. Therefore, as long as the index stays above this level, a march towards 23,600 (200-day EMA) and 23,700 (near the 50-day EMA) remains possible in the upcoming sessions. However, in the case of profit booking, 23,300 may act as support, according to experts. The Nifty 50 formed a small bearish candle with upper and lower shadows, resembling a high wave candlestick pattern on the daily charts, indicating volatility. The index sustained above the 10 and 20-day EMAs and stayed above the midline of the Bollinger Bands, which is a positive sign. The momentum indicator, RSI (Relative Strength Index, at 51.5), stayed in the upper band. The Bank Nifty also formed a high wave-like candlestick pattern on the daily timeframe, indicating volatility. However, the near-term trend seems to have turned positive, considering the higher highs formation in the last few sessions and the index trading above short-term moving averages (10 and 20-day EMAs), as well as above the midline of the Bollinger Bands.
