Market wrap up(DWM,T,N,E):The Nifty 50 slipped into the red for the first time in the last five consecutive sessions, declining by 0.5 percent on June 30 due to profit booking, following a 2 percent rally in the past week. Overall, the trend remains upward, although consolidation and range-bound trading may persist for a few more sessions before the market enters a fresh leg of the upmove, according to experts. As long as the index trades below 25,700, the consolidation may continue, with support at 25,400—below which the correction could extend to 25,200, a key support zone. The Nifty 50 formed a bearish candle, resembling a Bearish Engulfing pattern at the swing high on the daily charts. A confirmation of a short-term trend reversal will be seen in the following session. The index still traded near the upper line of the Bollinger Bands, while the MACD maintained a positive crossover, with a healthy bias reflected in the histogram. The RSI, currently at 63.84, remained strong though it tilted slightly downward. The Bank Nifty maintained its higher highs–higher lows formation and continued to trade near the upper Bollinger Bands, despite a mild correction of 0.23 percent. The index traded well above short-term moving averages, with a visible expansion in the Bollinger Bands. The MACD sustained a positive crossover, accompanied by a positive bias in the histogram. The Stochastic RSI also trended upward with a positive crossover, while the RSI, at 65.32, remained in a positive crossover but showed a slight downward tilt.
