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Yesterday, NIFTY opened on a positive note and moved above the 25,800 mark. Thereafter, it traded in a narrow range of 25,800–25,900 throughout the session and eventually closed above 25,850.

NIFTY is trading above the key moving averages and continues to form higher tops and higher bottoms on the charts, indicating improving momentum. With this structure intact, the index may now test 25,950, and above that, it could move towards 26,150 in the near term.

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