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On Friday, NIFTY opened on a positive note but traded in a narrow range of 26,200–26,275 throughout the day. It finally ended almost flat, just above the 26,200 mark.

NIFTY has been consolidating for the last two sessions; however, there are still no signs of reversal. The market undertone remains bullish. The index continues to form higher tops and higher bottoms, reinforcing our positive outlook with the 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.