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Technical Analysis Report - Nifty Holds Ground, But Upside Lacks Conviction
Posted On : 2025-12-26 19:36:14( TIMEZONE : IST )
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 26,042.30, declining 0.38%, as the index retreated modestly after facing repeated rejection near the 26,200 zone. The daily chart reflects a gradual cooling from higher levels.
On the weekly timeframe, Nifty formed an inverted hammer while still ending the week with a 0.29% gain, suggesting that the broader trend remains intact.
The index continues to hold above the middle Bollinger Band, placed near 26,000, which also coincides with the 50% Fibonacci retracement of the recent swing. The cluster around 26,000 has held firm, allowing the index to absorb selling pressure without triggering a deeper correction.
The daily RSI remains steady near 53, while the MACD stays below the signal line.
The higher-high, higher-low formation on the hourly chart remains intact, keeping the primary trend positive.
The Immediate support is placed at 25,900, followed by a stronger base near 25,850. On the higher side, 26,120-26,200 remains a crucial hurdle.
Nifty remains in a consolidation phase within a narrowing range. Holding above 26,000 keeps the broader trend steady, while a close above 26,200 is required for trend continuation. Until then, the index is likely to remain selective and stay range bound.
Nifty Bank ended the session at 59,011.35, down 0.29%, after opening at 59,092.85 and trading within a narrow intraday range. The session ended with a mild negative candle, indicating that upside attempts remained capped near the 59,150-59,200 zone.
On the weekly chart, Nifty Bank formed a small bearish candle and slipped 0.10% for the week, reflecting hesitation after the recent rise.
The index is currently trading below the middle Bollinger Band near 59,270, while remaining above the lower Bollinger Band around 58,770, keeping it within the volatility band.
The 38.2% Fibonacci retracement at 58,980 is placed just below the closing level and continues to act as the first near-term support. Below this, the 50% retracement at 58,630 is the next level to watch. The Supertrend level near 58,400 aligns with the 61.8% retracement zone.
The daily RSI is near 50, indicating neutral momentum. The MACD remains below the signal line, and the histogram remains negative. The index has also slipped below the 10-day and 20-day EMAs.
The major support is placed at 58,700, followed by 58,600. On the upside, resistance is seen at 59,330, followed by 59,400. The index is likely to oscillate within a range in the near term.
