Indices up, consolidation phase continues

Nifty index opened flattish and after the initial slip to 25650 zones, the index revived and moved northward throughout the day.

- Motilal Oswal Team

It eventually crossed 25800 and closed in marginal gains of 40 points. It formed a bullish candle on daily frame with longer lower shadow indicating strong buying at support zones. It continues to form lower highs — lower lows from the last three sessions but attempts of recovery from lower levels have helped the index float. Now it has to cross and hold above 25800 zones for momentum to build towards 25950 then 26100 zones while supports can be seen at 25650 then 25500 zones.