Market wrap up(DWM,T,N,E):The Nifty 50 remained consolidative and witnessed selling pressure on July 2, falling below the 25,500 mark to end the session 0.35 percent lower. The chart formation and technical indicators signal further consolidation in the coming sessions until the index reclaims and sustains above the current week’s high. Broadly, it is expected to trade in the range of 25,200–25,700 in the near term. A decisive close above 25,700 can drive the index toward 26,000; however, a fall below 25,200 may bring the bears into full action, according to experts. The Nifty 50 formed a bearish candle with a minor lower shadow on the daily timeframe, following a Doji formation in the previous session. This signals weakness; however, the overall trend remains positive, as the index continues to trade well above the short-term moving averages and the midline of the Bollinger Bands. The Stochastic RSI sustained a negative crossover, while the RSI, although tilted downward, stayed above the 60 mark, closing at 61.34, indicating moderate strength. The Bank Nifty saw the formation of a sizeable bearish candle on the daily charts with above-average volumes, indicating a negative trend amid likely consolidation. Still, the index remains above key short-term moving averages and the midline of Bollinger Bands, which is a positive signal. The MACD continues to show a positive crossover, but the momentum, as seen in the histogram, appears to be fading. The RSI drifted below the 60 mark, closing at 59.57 and trending downward, signaling weakening momentum in the near term. Meanwhile, the Stochastic RSI gave a negative crossover, further confirming short-term weakness.
