Nifty failed to close above 26000 mark as it slipped lower to close below its previous days swing high zone - Tradebulls Securities Pvt Ltd
Nifty
Nifty failed to close above 26000 mark as it slipped lower to close below its previous days swing high zone. Correction persisted but the index somehow managed to close above the 25850 zone, also defending its previous days swing low support of 25780. However, given the intact upward momentum, any move above the pattern high of 25940 could further accelerate gains and potentially help the index surpass the 26050 level. On the indicator front, momentum signals remain mixed. The ADX continues to decline, indicating a slight loss of trend strength, while the RSI crossover above 61 reflects renewed buying interest and supports continuation of the directional uptrend. Traders may consider adding momentum longs if the index retraces to fill the gap near 25720, as this zone could serve as a higher base for the next leg of the rally. Overall, the bias remains positive; it’s ideal to retain long positions and maintain a buy-on-dips approach as long as the index sustains above 25620.
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