Market wrap up(DWM,T,N,E):The Nifty 50 failed to hold on to follow-up buying and sustain above the midline of the Bollinger Bands, shedding 176 points from the day’s high and finishing 0.2 percent lower on September 2. While the trend showed slight improvement after the previous day’s rally, rangebound trading is expected to continue in the upcoming sessions until the index climbs back above all key moving averages. The 24,400 is likely to serve as immediate support, with the 24,300–24,250 zone considered a crucial support area. On the higher side, the 24,700–24,800 zone is expected to act as immediate resistance for the benchmark index, followed by 25,000 as a crucial hurdle, according to experts. The Nifty 50 formed a bearish candle with a long upper shadow and a minor lower shadow on the daily timeframe, indicating selling pressure at higher levels (24,700–24,750). Despite the weakness, the higher high–higher low structure was sustained. However, the index could not hold above the 20-day EMA, 100-day EMA, or the midline of the Bollinger Bands on a closing basis. The Relative Strength Index (RSI) stood at 44.36, remained sideways, and retained a negative crossover. The Moving Average Convergence Divergence (MACD) continued to show a bearish crossover with a weakening histogram. This indicates ongoing weakness and lack of strong momentum, despite structural resilience. The Bank Nifty tested its 200-day EMA intraday and formed a long bearish candle on the daily chart, almost engulfing the previous day’s green candle. The index managed to defend its upward sloping support trendline on a closing basis for another session and also held above the 50% Fibonacci retracement level (53,417) — measured from the April low to July high. However, technical indicators reflect growing weakness. The 20-day EMA has already fallen below the 50-day EMA, and is now on the verge of declining below the 100-day EMA — a bearish signal. The RSI stood at 30.72, indicating oversold conditions but continued weakness. The MACD maintained a bearish crossover, with persistent weakness in the histogram. This indicates prevailing negative momentum and potential for further downside unless key supports hold.
