Markets likely to gain in near term

Nifty index kick-started the session with a gap-up of nearly 100 points around 25441, and oscillated in a narrow 40-point band during the first half.

- Motilal Oswal Team

As the day progressed, bears attempted to drag the index towards the 25350 territory, but in the final half hour, bulls staged a spirited comeback, lifting prices back near the day's opening high. Despite intraday turbulence, the buy-on-dips narrative remained firmly intact. On the daily chart, Nifty formed a small-bodied candle with a longer lower shadow, clearly indicating buying interest near support levels. The index closed with gains of around 90 points and has now been forming a sequence of higher lows for the last seven sessions, reinforcing the positive undertone. Now it has to hold above 25350 zones for an up move towards 25550 then 25700 zones while supports have shifted higher