Short term - Technical Outlook

On the daily timeframe, Nifty remains in a consolidation phase within a broader uptrend. The index continues to hold firmly above the 20-day EMA at 26,073 and the psychologically important 26,000 mark, keeping the short-term structure constructive. Price action since mid-year continues to reflect higher highs and higher lows, with the index trading comfortably above rising moving averages indicating that the broader trend remains intact despite recent consolidation. Immediate support is placed at 26,050–26,000, reinforced by Put OI concentration and the 20-day EMA, making this zone a buy-on-dips area from a risk-reward perspective.

On the upside, resistance is visible at 26,250–26,330, with a broader supply zone extending toward 26,385–26,500. Failure to decisively clear this overhead supply is likely to keep the index range-bound. As long as Nifty sustains above 26,000 on a closing basis, dips toward support may offer low-risk long opportunities, with a protective stop below 25,950.The medium-term bias remains neutral to mildly bullish, with directional clarity expected only on a decisive breakout beyond the upper range. 
 

Short term Research Report Call

Buy Above: 26200 | Targets: 26260, 26300, 26350 | Stop-loss: 26000
Sell Below: 26050 | Targets: 26000, 25920, 25820 | Stop-loss: 26150

Short term Chart

Long term - Technical Outlook

Nifty continues to trade in a structural uptrend, supported by its position above major moving averages. On the higher side, 26,300-26,350 is emerging as a crucial resistance zone; a decisive breakout above this level could trigger further upside, opening the path toward 26,500 and potentially new lifetime highs. On the downside, strong support is identified in the 25,700–25,600 band, which is likely to act as a demand zone on pullbacks. However, a sustained breach of this support region may invite profit-booking and corrective pressure, dragging the index lower toward the 25,600 mark or even below. Overall, the technical setup favors the bulls as long as Nifty maintains strength above its support levels, with every dip presenting a buying opportunity until proven otherwise.

Long term Research Report Call
Buy Above: 26200 | Targets: 26260, 26300, 26350 | Stop-loss: 26000
Sell Below: 25900 | Targets: 25840, 25780, 25500 | Stop-loss: 26050
 

Long term Chart

Indian equity markets have opened with a cautiously bullish bias, supported by positive overnight cues from Wall Street, mixed signals from European markets, and optimism surrounding recent US GDP data. However, holiday-shortened trading sessions are keeping volumes lighter than usual, resulting in selective participation rather than broad-based momentum, while elevated valuations and thin liquidity conditions continue to favour a buy-on-declines approach. 

Nifty 50 opened on a stable note and is gradually inching closer to the 26,300+ lifetime-high zone. A sustained breakout above 26,300 could open the path toward 26,400–26,500, with extended upside possible if momentum strengthens. Structurally, the trend remains positive, with the index continuing to trade above its key moving averages. Immediate support is placed at 26,100–26,050; a decisive breakdown below 26,050 could invite short-term pressure toward 25,900. Notably, aggressive Put writing below 26,000 reflects strong bullish conviction and has been a key factor behind the market’s resilience.

Bank Nifty has opened relatively stronger compared to the broader market, decisively crossing its immediate resistance near 59,400 and attempting to sustain above 59,500. The 59,450–59,700 zone now acts as an immediate resistance band, while a sustained hold above 59,350 could pave the way for a near-term move toward 60,500. The intraday bias remains bullish, supported by consistent buying interest near 59,350. Strong support is placed at 59,150, followed by an additional cushion at 59,000. A breakdown below 59,000 could weaken the structure and trigger a corrective move toward 58,800. Banking stocks particularly well-capitalised private and PSU banks are expected to continue lending stability to overall market sentiment.