Bears step in, trend remains mixed

Motilal Oswal Wealth Management

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Nifty index opened negative but attempted recovery to cross 25900 zones but failed to hold at higher zones.

It gave up strength in the second half and fell to 25700 marks. Index has been witnessing a tug of war between the bulls and bears from the last few sessions. It formed a small bodied bullish candle on the daily frame but with longer upper shadow indicating pressure is intact at higher zones and is continuously making lower highs — lower lows from the last four sessions. Now till it holds below 25900 zones, weakness could be seen towards 25700 then 25600 zones while hurdles have shifted lower to 25900 then 26000 zones.