Yesterday, NIFTY opened on a positive note but failed to sustain at higher levels, encountering profit booking as the session progressed. It formed a series of lower tops and lower bottoms on the intraday chart, slipping below the 25,600 mark and testing 25,500 before closing just above it.
A Bearish Engulfing pattern has formed on the daily chart, signaling potential short-term weakness. A move below 25,450 could confirm this bearish signal, possibly leading to a further correction towards the 10-day Exponential Moving Average (10DEMA), currently placed around 25,250.
However, if NIFTY manages to reclaim and sustain above 25,600, the recent uptrend may resume. Long positions can be maintained with a strict stop-loss below 25,450. Until a breakdown is confirmed, we maintain our bullish stance with a short-term target of 25,750.
Open | 25661 |
High | 25669 |
Low | 25473 |
Close | 25517 |
S 1 | 25437 |
S 2 | 25357 |
R 1 | 25633 |
R 2 | 25749 |
Action | SL | TGT |
---|---|---|
Buy above 25635 | 25574 | 25800 |
Sell below 25435 | 25511 | 25300 |