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Yesterday, NIFTY opened almost flat but soon began forming higher tops and higher bottoms on the intraday charts. It tested the 26,000 mark but failed to sustain at higher levels and witnessed some profit booking. Eventually, it ended the session almost flat.

NIFTY continues to make higher tops and higher bottoms and is trading above the 61.80% retracement level, which keeps the short-term structure positive. Thus, we maintain a bullish outlook with an upside target of 26,100.

On the downside, the 25,700–25,600 zone will act as an important support area, where the 10-DEMA and 20-DEMA are positioned.