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On Friday, NIFTY opened on a negative note and slipped below the 26,100 mark in early trade. It began forming lower tops and lower bottoms on the intraday chart and almost tested the 26,000 level, before finally closing just below 26,050.

NIFTY witnessed a healthy correction and has retraced nearly 50% of its recent up-move from 25,726 to 26,236. The 26,000–25,950 zone, where the 10-DEMA and 20-DEMA converge, is now acting as a strong support base. As long as NIFTY holds above this zone, the broader trend remains intact, and one can continue to hold long positions with a protective stop-loss below 25,900.

On the upside, the 26,100–26,150 range will act as a minor resistance. A sustained move above 26,150 could revive bullish momentum and open the path for a retest of NIFTY’s all-time high at 26,325.