Nifty holds range; upside needs participation

Motilal Oswal Wealth Management

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Nifty index opened on a flattish note and after an initial dip it traded within a narrow range of 70-80 points for most of the session.

Momentum remained subdued as the absence of follow up buying kept the index confined to a tight band. Going forward, Nifty would require constructive buying participation to inch higher towards the 26000 mark. On the daily chart, the index formed an inside bar indicating temporary consolidation after the recent move. Now it has to hold above 25,500 zones for an up move towards 25,800 then 26,000 zones while supports are seen at 25,500 then 25,350 zones.