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Nifty

Nifty formed yet another Doji candlestick on the daily chart as it faced supply pressure for the third consecutive session, highlighting short-term indecision. Although the index slipped toward its 20-DEMA, it managed to close near the 5-DEMA, limiting downside damage. The daily RSI remains above the 50 mark, indicating that the broader trend is still constructive, while a low ADX reading of 18 suggests the absence of strong directional momentum. The filling of the breakaway gap near 26000, coupled with a Morning Star formation, reinforces the improving bias and confirms a higher base shift from 25740 to 26000. Options data shows confident writing at the 26000 strike, while meaningful upside traction may emerge only if unwinding is seen near the 26,300 zone. Price-wise, a sustained move above 26330 would strengthen the uptrend and open upside potential toward 26920. On the downside, the 26000–26050 zone remains a crucial support; a break below 25940 could weaken the structure and invite corrective pressure. Traders may consider aggressive fresh positions above 26050, with profit-booking zones between 26550 and 26920 for the ongoing series.

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