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Nifty

Nifty began the March series on a positive note, opening above the key psychological support of 25500. It attempted to cross the 50- DEMA resistance near 25,660 but failed to sustain higher levels and closed around 25480, forming an Inside Bar candlestick near the crucial 25,400 support zone. The index continues to defend this level, which has emerged as a strong base since last few sessions. The February series witnessed sharp volatility, with swings between 26340 and 24570, before settling near the midpoint around 25400. March, however, carries a favorable seasonal bias, historically associated with strong directional moves, often on the upside. Technically, the successful defense of the major demand zone near 25400, along with a Bullish Engulfing pattern and follow-through buying, reinforces this support. A breakdown below 25400 could drag the index toward 25040. On the upside, immediate resistance lies near 25760, followed by 25850 and 26000. The broader bullish structure remains intact as long as Nifty holds above 25400.

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