Nifty muted start; holds above 25650 MA support zone - Tradebulls Securities Pvt Ltd
Nifty
Nifty began the week on a muted note but held firm above the 25650 support zone, which coincides with multiple moving averages. Last week, the index also successfully defended its major demand area near 25400, though it struggled to clear the 25850 resistance. The Bullish Engulfing pattern formed last week on the daily chart, along with follow-through buying, reinforces 25400 as a strong demand base. On the downside, a decisive break below 25400 could open the door for further weakness toward 25040. On the upside, the cluster of moving averages around 25670 now acts as an immediate hurdle, with a sustained move above 25700 serving as the first signal of trend continuation. Interim resistances are placed at 25850 and 26000 during the week. Structurally, the broader bullish setup remains intact as long as the index sustains above 25400, and more tactically above 25640 on a weekly closing basis. A clear breach below 25400 would negate the positive bias. Fresh aggressive longs are recommended only on a decisive breakout above 25750, which could revive momentum and open the upside toward the 26000-26400 zone.
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