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Yesterday, NIFTY opened on a negative note and slipped below the 26,000 mark in early trade. It formed lower tops and lower bottoms on the intraday chart, tested the 25,850 level, and finally closed just above it.

NIFTY witnessed some profit booking and continued to consolidate within the 26,100–25,700 range. However, it still trades above the 10-DEMA and 20-DEMA, indicating that the broader trend remains bullish. We continue to maintain our short-term target of 26,277.

On the downside, the 25,800–25,700 zone will act as a crucial support area, and long positions can be maintained with a stop-loss below 25,700.