Nifty breaks 26050, slips to 25900; below 20/50-DEMA, 25740–26050 - Tradebulls Securities Pvt Ltd
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Nifty
Nifty slipped decisively below its key support of 26050 and extended the decline towards its 50-DEMA near 25900. It marked the first close below both the 20 and 50-DEMA in a single session, as selling intensified after the breakdown of the recent Doji support that had signalled indecision over the past two sessions. With the index declining for four consecutive sessions from the 26330 resistance, the corrective move may extend towards 25740, the lower end of the prevailing 26330–25740 range. The 20-WEMA at 25666 and the 5-MEMA around 25700 form a crucial cluster support to watch in the coming sessions. On the upside, only a move above 26130 would indicate near-term relief. Options data suggests a firm ceiling around 26100, while no significant buildup is seen below 25900 despite the sharp fall. Traders may consider fresh long positions only above 26130; until then, a long-short strategy is advisable while the index oscillates within the 25740–26050 band.
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