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Nifty

Nifty continued to scale higher, sustaining close above its 5-DEMA support despite intermittent intraday weakness. The week is likely to conclude on a tepid note as price action remains in an oscillatory mode within the immediate range of 26050–26220. The successful sustenance of the Breakaway Gap near 26050 marks a meaningful shift in the support structure. The daily RSI has already signalled a potential reversal by registering a positive crossover above the 50 mark, further validating the gradual improvement in momentum. This recent price behaviour, along with key indicators approaching the upper boundary of the prevailing range, increases the probability of a long-awaited directional momentum move. A sustained follow-through above 26330 would significantly strengthen the ongoing uptrend. On the downside, the 26000 zone remains a critical support to preserve trend strength. While the decisive breakout above 26050 has opened the pathway towards 26330, a breakdown below 25940 would weaken the setup and expose the index to corrective pressure. Given the current technical configuration, traders may consider adding aggressive fresh positions as long as the index sustains above 26050, with review and profit-booking zones placed in the 26330–26550 range for the final week of the current series.

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