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.
