has formed a red candle with a long upper wick on the daily chart, reflecting selling pressure at higher levels, but on the weekly chart, the index has formed a bullish candle
Analysts note that the near-term structure remains positive. The index may form a fresh higher bottom near 26,000-25,900 before attempting a rebound.
Resistance zones to watch are 26,250-26,300, where repeated supply has emerged in recent sessions. Momentum indicators continue to signal strength. The 25,840 is expected to act as a reliable support on pullbacks.
Call Open Interest has surged significantly with an increase of over 6 crore contracts, suggesting that call writers are trying to keep the index below 26,200.