TECHNICAL OUTLOOK

On the weekly chart, Nifty traded within a clearly defined bullish ascending channel formation, reflecting a strong upward trend since late April low of 21,743.

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Prices have been consistently making higher highs and higher lows, responding well to the parallel channel boundaries, and trading above both the 50and 200-day simple moving averages.

Furthermore, the momentum indicator RSI (14) traded near the 60 range, considerably above its mean level, indicating steady momentum and supporting the continuation of its positive trend.

On the upside, the resistance zone lies between 25,000 - 25,100 range, and a significant breakout above 25,100 on a closing basis could signal a continuation of the rally, potentially leading towards the 25,500/26,000 mark.

On the downside, major support is placed at 24,400 and 24,200, aligning with previous consolidation zones. A move below these levels may trigger a short-term decline toward 23,400.

However, a bounce from this range could validate the long-term bullish structure.