Options Data Signals Range Shift; 25500 Emerging as Key Support - Tradebulls Securities Pvt Ltd
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Last week’s recovery from the 25430-support unfolded in the form of a bullish Hammer on the daily chart, while the weekly candle evolved into a Spinning Top, highlighting indecision. However, both formations indicate exhaustion of the corrective phase within the broader oscillating band of 25880–25430.The bullish hammer was followed by another reversal pattern resembling an Inverse Hammer in subsequent sessions, with a key overhead resistance placed at 25880, coinciding with the 50 DEMA. That said, these bullish signals will gain technical validity only if the index decisively breaches and sustains above 25880 on a closing basis. Options data reflects a range shift towards 25500–26000, with a mild bias suggesting strong support emerging near the 25500 zone for the current weekly series. Within this setup, the index may witness a sharp swing on either side of the 25880–25500 band during the week. A decisive close above 25880 would signal a revival in trend strength and could open the door for an upside move towards and beyond the 26130 zone. Conversely, failure to reclaim 25880 may keep the index trapped in a volatile, range-bound phase.
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