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Nifty

Nifty continued to scale higher, sustaining closes above its 5-WEMA support despite intermittent bouts of weakness. The current series is likely to conclude on a tepid note, with price action oscillating within the immediate 26050–26220 range. The successful sustenance of the Breakaway Gap near 26050 marks a meaningful shift in the short-term support structure. The daily RSI has already signaled a potential reversal by registering a positive crossover above the 50 mark, validating the gradual improvement in momentum. This price behavior, coupled with key indicators approaching the upper boundary of the prevailing range, enhances the probability of an impending 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 a decisive breakout above 26220 would reinstate the pathway toward 26330, a breakdown below 25940 would weaken the setup and expose the index to corrective pressure. Given the prevailing 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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