IGI Logo

Nifty

Nifty continues to exhibit resilience around the crucial 25400 support zone while sustaining its Inside Bar range-bound structure. Despite multiple reversal formations emerging near this base, the index has struggled to overcome the descending trendline resistance positioned around 25670. An attempt to surpass the 50-DEMA near 25660 lacked follow-throughs, with the index closing near 25480 and forming an Inside Bar followed by a Homing Pigeon pattern, both indicating consolidation near key support. The 25400 zone has evolved into a strong demand base over recent sessions. February witnessed heightened volatility, with a wide swing between 26340 and 24570 before settling near the midpoint around 25400. March, however, historically carries a favourable seasonal bias, often delivering strong directional moves, typically on the upside. Technically, the defence of 25400, coupled with a prior Bullish Engulfing and subsequent buying interest, strengthens this floor. A decisive close below 25400 may open downside toward 25040. Intraday dips near the 200-DEMA at 25250 could offer contra long opportunities. On the upside, resistances are placed at 25760, 25850, and 26000, while the broader bullish structure remains intact above 25400

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838