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Yesterday, NIFTY opened on a negative note and slipped below the 26,000 mark in early trade. It found support near 25,900 and recovered smartly during the afternoon session. Although it retested the 26,000 level, it failed to sustain at higher levels and witnessed profit booking in the last hour of trade. Finally, it ended just above 25,900.

On the daily chart, NIFTY has formed a Bearish Engulfing pattern, indicating caution. Therefore, fresh long positions should be considered only on a decisive breakout above 26,050. However, the primary trend remains bullish, as NIFTY continues to hold strong support in the 25,800–25,700 zone, where both the 10-DEMA and 20-DEMA are positioned. Hence, existing long positions can be maintained with a stop-loss below 25,700.