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Nifty

Nifty continued to drift lower throughout yesterday’s session, marking the fourth consecutive day of profit-booking pressure. However, in the final hour of expiry, the index recovered from its intraday losses and reclaimed the crucial 25940 zone, eventually closing above it. Notably, it also managed to hold above its 20-DEMA support, which now stands as the immediate demand zone for the week. A close below this level would weaken the short-term bullish bias and expose the index to further downside toward the 50-DEMA support at 25680 or even lower. The appearance of a Spike candlestick formation offers a ray of hope for the bulls, hinting at the possibility of a rebound toward the 26330 zone. With the index now hovering near the lower end of its broader oscillation range of 26330–25940, traders are advised to remain cautious and consider adding long positions only once the 26110 level is decisively breached. The 26100 zone is expected to provide favourable opportunities to accumulate fresh longs. On the upside, a sustained move above 26330 would likely trigger a strong bullish thrust, enabling the index to maintain its higher base near the 26000 mark. Options data for the December series highlights a firm put base in the 26000–25800 range, while resistance is gradually shifting toward 26500, indicating improving underlying sentiment. Overall, traders may continue to hold long positions as long as the 25940 support remains intact, with near-term upside targets placed at 26330 and 26500 for the week.

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