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Nifty

The index commenced the week on a strong footing, scaling towards the 26300 zone; however, it failed to sustain higher levels and succumbed to profitbooking pressure. On the daily chart, a Bearish Belt Hold pattern has now formed, indicating a pause in momentum and the likelihood of short-term consolidation. The 25940 level continues to act as a key structural support for momentum-based trades. A dip toward the 26100 zone is likely to provide opportunities to accumulate fresh long positions. On the upside, sustained trade above 26330 would once again unlock bullish momentum, with the index expected to maintain its higher base near the 26,000 mark. Options data for the December series shows a strong put base in the 26000–25800 band, while resistance has been gradually shifting toward 26500, reflecting improving underlying sentiment. Overall, traders may continue to hold long positions as long as 25940 remains defended, with near-term upside targets placed at 26330 and 26500 for the week.

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