- The Nifty 50 benchmark index ended the week on a mildly negative note, witnessing profit booking after a sharp upmove in the final week of June. Despite the pullback, the index managed to hold above its key support zone on the weekly chart, reaffirming a positive medium-term outlook
- Historically, the month of July has favored the bulls, with Nifty not closing in the red over the past five years. From a technical standpoint, the index continues to trade well above its 20- and 50-week EMAs, while the RSI remains elevated above the 60 mark, indicating sustained bullish momentum.
- Going ahead, as long as the index holds above the 25,150 level—which previously acted as resistance and now turns into support—the broader trend remains positive. On the upside, immediate resistance is seen around 25,650, followed by 26,000. Traders are advised to monitor these levels closely and align their positions accordingly.
| LTP | R1 | R2 | S1 | S2 |
|---|---|---|---|---|
| 25461.0 | 25650 | 26000 | 25300 | 25150 |
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