Nifty opens strong, holds above 5-DEMA and eyes 26,000 mark - Tradebulls Securities Pvt Ltd
Nifty
Nifty commenced the week on a strong note, holding firmly above its 5-DEMA support of 25830 and making a successful attempt to scale towards the 26,000 mark during the session. Although it failed to close above that level, the index managed a strong finish above the previous session’s high of 25944, reflecting underlying strength. On the weekly chart, the formation of a Doji candlestick highlights indecision after a robust upmove; however, the closing remains above the previous week’s level, keeping the broader undertone positive. Trend strength indicators present a mixed yet constructive setup; the weekly ADX has begun curving upward around 17, suggesting improving directional momentum, while on the daily scale, both ADX and RSI indicate temporary overbought conditions, hinting at short-term exhaustion. Some consolidation within the 26000–25630 range cannot be ruled out, which would aid in building a higher base before the next upward leg. Sustaining above 25,500 will maintain the bullish structure for an advance towards 26340–26500 in the early phase of the upcoming series, whereas a weekly close below 25630 could trigger a deeper retracement toward the 25400 (20 DEMA) zone. The overall stance remains “buy on dips”, with a cautiously positive bias intact.
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