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Yesterday, NIFTY opened on a negative note but found support near the 25,400 mark and staged a sharp recovery, reclaiming the 25,500 level. Buying momentum strengthened in the last hour of trade, pushing the index above 25,600, and it eventually closed just below 25,700.

NIFTY took support near the 50% retracement level of its recent rally from 25,571 to 26,341 and has regained both the 10-DEMA and 20-DEMA, indicating improving short-term momentum. Additionally, the index has formed a “Bullish Engulfing” pattern on the daily chart, suggesting the possibility of further upside. With this setup, NIFTY may attempt to retest its recent high near 26,000 in the near term.

On the downside, the 25,450–25,350 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 25,350.