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Yesterday, NIFTY opened on a positive note and jumped above the 26,300 mark in early trade. However, after making a high of 26,325, it failed to sustain at higher levels and witnessed profit booking. The index took support near 26,125 and eventually ended just below the 26,200 level.

Despite the profit booking, the charts indicate no signs of a reversal. NIFTY continues to form higher tops and higher bottoms and is trading comfortably above the 10-DEMA and 20-DEMA, keeping the overall trend firmly bullish. We maintain our next upside targets at 26,450 and 26,650.

On the downside, support remains in the 26,000–25,900 zone, where both the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a stop-loss below 25,900.