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Nifty

Recovery from the 25430-support unfolded in the form of a bullish hammer candlestick, indicating exhaustion of the corrective phase within the oscillating band of 25550–25430. A close above the 25700 zone has revived hopes of a rebound towards the 25900–26050 hurdle area. Options data reflects a range shift towards 25500–26000, with a mild bias indicating strong support near 25500 for the week. Given the truncated trading week, the index may witness meaningful follow-through action in the immediate session ahead of the Thursday market holiday. While the broader market texture has moderated to neutral from positive, the emergence of a bullish hammer has rekindled prospects of a reversal. A decisive close above 26,050 would signal a revival in trend strength and could open the door for a move beyond the 26130 zone. Traders may consider initiating fresh long positions only on a breakout above 26050. Until then, a long–short trading approach is advisable, as the index is likely to remain range-bound between 26050 and 25430.

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