NIFTY 50 may rise to 26048.00 - 26625.00

23565.00 is our pivot point.

Our preference

The upside prevails as long as 23565 is support.

Alternative scenario

The downside breakout of 23565 would call for 22599 and 22023.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. NIFTY 50 Index is above its 20 and 50 period moving average (respectively at 23776.90 and 23035.20).

Supports and resistances

27199.00 **

26625.00 *

26048.00 **

25474.00

24323.85 last

23944.00

23565.00 **

22599.00 *

22023.00 **

Number of asterisks represents the strength of support and resistance levels.