Market wrap up(DWM,T,N,E):Bulls staged a healthy comeback after a day of bearish action, driving the Nifty 50 higher by 135 points on September 3. However, the index could not surpass the previous day’s high of 24,756, which remains a crucial level for any further upmove. While market sentiment improved, technical and momentum indicators still signal a mixed trend. If the index reclaims and sustains above 24,750, the 24,800 level (coinciding with the 50-day EMA) and 25,000 will be key levels to watch in the upcoming sessions. Conversely, if the index fails to hold above this zone, it could remain in a consolidation phase, with immediate support at 24,500, followed by a crucial support zone in the 24,400–24,300 range, according to experts. The Nifty 50 formed a bullish candle with a lower shadow on the daily chart, accompanied by above-average volumes—indicating a positive trend and buying interest at lower levels. The index’s higher-lows structure was maintained for the third consecutive session. It surpassed the 100-day EMA and the midline of the Bollinger Bands in a single session, but still closed below the 20- and 50-day EMAs. The RSI stands at 48.51 and is on the verge of a bullish crossover, while the Stochastic RSI displayed a positive crossover. However, the MACD continues to remain below both the zero line and the signal line. These mixed signals suggest emerging bullish potential, but a clear trend requires more confirmation. The Bank Nifty remained rangebound despite a strong 407-point rally, forming a long green candle next to the previous day’s red candle on the daily timeframe. However, the broader trend still suggests bearishness, as the index continues to trade below its 20-, 50-, and 100-day EMAs. Notably, the 20-day EMA has fallen below the 100-day EMA, reinforcing the weak technical structure. The index once again tested its upward-sloping trendline support and the 200-day EMA (53,582), but managed to close above both levels. Momentum indicators remain weak. The MACD and its histogram continued to stay below the zero line, while the RSI remained below the signal line at 37.16—indicating lack of strength despite the price recovery.
