Pivotal decline on profit-booking

Motilal Oswal Team

- MUMBAI

Nifty opened flattish but soared higher above 26k marks in the first tick.

It failed to hold 26050 zones and slipped lower to 25800 zones. It showcased classic expiry day volatility as resistance stacked near 26000 zone but support has been intact at lower levels. It formed a small bodied candle on the daily frame and has started to form higher highs from the last two sessions. Now it has to hold above 25900 zones for an up move towards 26100 then 26277 zones while supports can be seen at 25800 then 25700 zones.