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26 Aug, 2025 12:21

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The Nifty continued to remain in the congestion zone, where follow-up buying or selling has been missing. Volumes have been dry in the recent past and the market seems to be lacking a direction. The Nifty is still trading below its 50-day EMA (exponential moving average), placed at 17,960. Downward sloping trend line adjoining daily swing highs also projects strong resistance at 17,970 odd levels.

On the February 1 Union Budget Day, the Nifty made a major top at 17,972 and turned south. All these indicate that there is a strong resistance in the 17,970-18,000 zone. Lower top and lower bottoms are still intact on the Nifty daily chart, which indicates positional down trend. FIIs have been aggressively selling in cash and future segment. After healthy correction, India VIX has turned north with the gain of 8 percent on February 13. Rising VIX indicates rising fear in the market.

Support for the Nifty is expected at its 200-day EMA, which is placed at 17,570-odd levels. In its latest downtrend, the Nifty never closed below its 200 DEMA. Any close below 17,570 would result in to bearish momentum and we can expect sharp downside towards next support of 17,035. However close above 18,000 in the Nifty would negate the downtrend.

The stock price has broken out from bullish “Flag” pattern on the weekly chart. For last two consecutive weeks, stock price has been rising along with the rising volumes.

Daily MACD (moving average convergence divergence) has reached above equilibrium line after crossing its signal line on the upside. The stock is holding above its 50, 100 and 200-day EMA, which indicates bullish trend on all time frame.

The stock price has surpassed its 50 DEMA resistance. It has formed higher top and higher bottom on daily line chart. It is on the verge of breaking out from downward sloping trend line on the daily charts. Volumes have gone up along with the price rise recently. Indicators and oscillators have turned bullish daily time frame.

The stock price has broken out from the consolidation which held for last 6 weeks. It has been holding its level above 50, 100 and 200-day EMA. Primary trend of the stock is bullish as stock price is holding higher top and higher bottom formation.

Indicators and oscillators have turned bullish on the daily charts. NBFC space has been outperforming for last one week.