Market wrap up(DWM,T,N,E):The market rebounded sharply after a three-day correction, taking support at the rising trendline (24,420) and finishing 0.81 percent higher on September 1, marking a good start to the week. Overall, the sentiment remains bearish, and the sustainability of this rally is key to watch. The index reached close to the 100-day EMA (24,630), which is crucial for a further upward move toward the 24,700–24,800 levels. Sustaining above this level can drive the index toward the 25,000 mark. However, a decisive fall below the 24,420 level could open the door for a retest of the August low of 24,330, according to experts. The Nifty 50 formed a long bullish candle on the daily timeframe, negating the lower highs of the previous six consecutive sessions. The index surpassed the 100-day EMA intraday and closed just below it. It is still well below the 10-, 20-, and 50-day EMAs. The RSI moved upward to 45.5, while the MACD still showed a negative crossover. The MACD histogram remains below the zero line, although the weakness has faded. This indicates a potential shift in momentum, but confirmation is awaited. he Bank Nifty also bounced back after five days of selling pressure and defended the previous day’s low. The index traded within the previous day’s range and formed a green candle on the daily timeframe, though it remains below the 20-, 50-, and 100-day EMAs. The RSI showed an uptick toward 33.39 but maintained a bearish crossover. The MACD also stayed in a negative crossover, and the histogram remained below the zero line. This indicates persistent weakness, despite the intraday recovery.
