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Yesterday, NIFTY opened on a flat note but witnessed sharp selling pressure in early trade. The index found support near the 25,650 mark and thereafter started forming higher tops and higher bottoms on the intraday chart. It regained 25,700 in the afternoon session, and buying momentum strengthened further in the last hour of trade, pushing the index to test 25,800, where it eventually closed above the level.

NIFTY continues to trade above the 10-DEMA and 20-DEMA, positioned in the 25,650–25,700 range, reflecting sustained positive momentum. As long as the index holds above these averages, the short-term structure remains constructive. We therefore maintain a bullish outlook with an immediate target of 26,000.

On the downside, the 25,600–25,500 zone will act as an important short-term support area. Long positions can be maintained with a protective stop-loss below 25,500.