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Nifty

As anticipated, Nifty50 witnessed profit booking from the projected resistance zone and briefly slipped below its 5 DEMA support of 25766 before closing marginally above it, reflecting resilience at lower levels. On the weekly chart, the formation of a ‘Doji’ candlestick indicates indecision after a strong up move, yet the closing remains above the previous week’s level, keeping the broader undertone positive. On its trend strength indicators front both show mixed signals but a constructive setup as the weekly ADX has started curving upward around 17, suggesting improving trend potential, while on the daily scale, both ADX and RSI are in temporary overbought territory, hinting at short-term exhaustion. Hence in the coming week, some consolidation or a mild retracement towards 25740 -25630 zone cannot be ruled out, which would help the index establish a higher base before attempting the next leg upward. Sustaining above 25500 will maintain the bullish structure for an advance towards 26340–26500 in the upcoming series, whereas a weekly close below 25630 could open the gate for a deeper retracement towards near 25400 (20 DEMA). The overall approach remains “buy on dips”, with a cautiously positive bias intact

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