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Yesterday, NIFTY opened on a negative note but found support near the 25,600 mark and bounced back sharply in early trade. Thereafter, it traded in a narrow range of 25,800–25,700 for most of the session and finally closed just below 25,800.

NIFTY continues to trade above all the key moving averages, keeping the broader trend positive. If the index manages to sustain above 25,900, it could make another attempt to retest the 26,300 level. However, given the elevated volatility, a cautious approach is advisable.

On the downside, the 25,500–25,400 zone will act as an important support area. Existing long positions should be protected with a strict stop-loss below 25,400.