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Nifty

Nifty delivered a strong performance in the previous session, rebounding sharply from the anticipated support zone and finishing above the 26,050 hurdle. The upmove was led jointly by IT and Banking stocks—an encouraging sectoral alignment that supports the continuation of the prevailing bullish tone. A sustained move above 26050 is likely to accelerate the next leg of the rally toward 26330, aided by the potential for a short squeeze in the coming weeks. The weekly chart has formed a ‘Rising Three’ continuation pattern following the breakout above 25700, further reinforcing the strength of the ongoing trend. On the downside, 25940 serves as the initial support, while the structural support at 25725 remains critical for preserving bullish momentum. Options data reflects a firm base around 25900, with weekly resistance zones expected to shift toward 26500 once the index stabilizes above 26,000. The overall setup continues to signal strengthening bullish traction. Traders may look to initiate aggressive long positions above 26,050, eyeing 26330 as the first target. Protective stops can be placed at 25725 and trailed higher in line with the trend to maintain effective risk management.

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