The ADX expanding above 37 reinforces the trend`s continuation, and it`s clear the market has solid underlying rising support at 25800 -Tradebulls Securities Pvt Ltd
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Nifty
After two days of stability, the Nifty climbed as expected, swinging higher towards the 26030 mark. It looks like the Nifty is building up nicely with the 10-day streak above the 5 DEMA signaling sustained bullish strength. The ADX expanding above 37 reinforces the trend's continuation, and it’s clear the market has solid underlying rising support at 25800. Once the breakout above 26030 sustains, the immediate push towards 26272 seems very likely. Options data ahead of the monthly expiry shows a firm support base around 25800 followed by 26000, with a possible upside up to 26200 once the index surpasses the 26000 OI cluster. A shift in trend, if any, will only be anticipated if the index records a weekly close below 24860 as it has been able to sustain its price action above its 5 WEMA support for 20 weeks consecutively. Momentum needs to be maintained until 25830 holds, and after the index reaches the anticipated target zone at 26272, positions must be reviewed. Until there is a definite indication of a reversal on its weekly scale, buying the dips is still a smart approach, since significant sector rotation is expected to continue for some time.
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