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Yesterday, NIFTY opened on a positive note and tested the 26,300 mark in early trade. However, during the afternoon session, the index witnessed profit booking at higher levels. It slipped below 26,200 but found support near 26,150 and eventually managed to close almost flat, just above 26,200.

NIFTY has tested its all-time high and our immediate target of 26,277. Although it could not close above the previous record high, there are no signs of reversal. The market undertone remains bullish. NIFTY continues to form higher tops and higher bottoms, supporting our positive view with the next upside targets placed at 26,450 and 26,650.

On the downside, support has now shifted upward to 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.