Market wrap up(DWM,T,N,E):The Nifty 50 surpassed the falling resistance trendline in the morning by climbing above 23,800 but could not sustain this level amid volatility due to profit booking, closing 43 points down on February 5. This signals a breather after a day of sharp rally; however, the overall sentiment remains favourable for bulls, with the formation of higher tops and higher bottoms on the daily chart. Hence, experts advised buying on every dip. If the index decisively moves above 23,800, a rally toward the 24,000-24,200 zone cannot be ruled out. However, if it falls below 23,800, it may consolidate, with support at 23,500. The Nifty 50 formed a bearish candlestick pattern on the daily charts, but the higher highs and higher lows formation remains intact. Additionally, the index continues to trade above the 50-day and 200-day EMAs. The momentum indicator RSI (Relative Strength Index) at 55.85 remains in the upper band, and the MACD (Moving Average Convergence Divergence) is inching toward the zero line. he Bank Nifty outperformed the benchmark Nifty 50, rising by 185 points. The index formed a small bearish candle with upper and lower shadows, resembling a high wave-like pattern on the daily timeframe, indicating volatility. However, the higher tops and higher bottoms formation continued, with the index closing above the 50-day and 200-day EMAs, which is a positive sign. The momentum indicators RSI maintained a positive bias, and the MACD is moving up toward the zero line.
