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Yesterday, NIFTY opened on a positive note and quickly moved above the 25,950 mark. It then traded sideways within a narrow band of 25,980–25,920 for most of the session. In the afternoon, it broke above the upper range and tested the 26,000 mark, finally ending the day above it.

NIFTY continues to form higher tops and higher bottoms, and buying interest is visible on every decline. This keeps the short-term market structure positive. We maintain a bullish outlook with an upside target of 26,100, and above that, NIFTY may even test its all-time high of 26,270.

On the downside, support has shifted upward to the 25,800–25,700 zone, where both the 10-DEMA and 20-DEMA are placed. Long positions can be maintained with a stop-loss below 25,700.