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Nifty

Nifty ended the week on a strong footing, reclaiming momentum as it decisively surpassed the 26050 hurdle and closed near the 26200 zone. On the 60- minute chart, the breakout from the 'Inverse Head & Shoulder pattern' established the reversal in trend, setting the stage for an up move towards 26330 (Upper end of the prevailing channel pattern). Technically, indicators remain supportive of continued strength. ADX holding above 25 signals firm trend momentum, while the RSI’s positive trajectory further complements the bullish outlook. The index now holds a solid base near 25900, keeping the path open for an advance towards 26330 and subsequently 26700 within the current series. A sustained move above 26330 could unleash a stronger bullish thrust, helping the index establish a higher support plateau near the 26000 mark. Options data for the December series reflects this improving sentiment, with a strong put base concentrated in the 26000–25800 range and resistance gradually shifting toward 26500-26700. Overall, traders may continue to maintain long positions as long as the 25940 support remains protected, with near-term upside targets at 26330 and 26700 for the week.

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