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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.