The NSE Nifty 50 index eased on Friday after coming close to its all-time high in the previous session. At 11:20 AM, the benchmark was down 100 points, or 0.40%, at 26,090. On Thursday, the index hit 26,246.65 — just shy of its September 27, 2024 record of 26,277.
Analysts say the broader trend remains strong and expect the index to scale new highs soon. Drumil Vithlani, Technical Analyst at Bonanza, noted that Nifty has been forming higher highs and higher lows, with F&O data indicating short covering by foreign investors.
Vithlani expects the index to move toward 26,350–26,500 once it clears the 26,200 resistance. On the downside, he identifies 25,900 and 25,850 as key near-term support levels and recommends a “buy on dips” approach.
Nifty Technical Snapshot
- Current level: 26,090
- Support levels: 25,845; 25,560
- Resistance levels: 26,150; 26,500
The index continues to trade above its 20-day moving average, which acts as short-term support near 25,845. The next key support stands at 25,560, marked by the super trend line.
Nifty is also positioned above major moving averages across time frames, with short-term averages trading above long-term trends — reinforcing bullish momentum. On the higher side, the index faces resistance near the upper band of the weekly Bollinger Bands at 26,150, followed by another hurdle around 26,500 on the monthly chart.