Nifty has to hold above 26K for upmove

Motilal Oswal Team

- 

Nifty index opened flattish and after attempting to cross 26100 levels in the first tick, it failed to hold momentum and dripped lower throughout the day. It respected the previous day’s lower level and buying interest emerged near 25950 zones in the last hour. It formed a small bodied bullish candle on the daily frame and negated its lower lows formation of the last three sessions. Overall the technical landscapes to a restricted uptrend phase with healthy pullbacks and smart buying at lower levels. Now it has to continue to hold above 26k marks, for an up move towards 26150 then 26250 zones while support can be seen at 25900 then 25800 zones.