Traders may consider initiating fresh long positions only on a strong weekly closing-based breakout above 25880 - Tradebulls Securities Pvt Ltd
Recovery from the 25430 support unfolded in the form of a bullish Hammer candlestick, signalling exhaustion of the corrective phase within the oscillating band of 25880–25430. This was followed by another reversal formation resembling an Inverse Hammer in the subsequent session. However, both patterns will gain 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 pointing to strong support near 25500 for the current weekly series. With the truncated trading week nearing its end, the index may witness a sharp swing on either side beyond the 25880–25500 band. A decisive close above 25880 would indicate a revival in trend strength and could open the door for a move beyond the 26130 zone. Traders may consider initiating fresh long positions only on a strong weekly closing-based breakout above 25880. Until then, a long–short trading approach is advisable, as the index is likely to remain range-bound between 26050 and 25430.
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