Nifty has once again surrendered the gains of the previous two sessions in a single trading day, underscoring the fragile undertone in the near-term trend. The index continues to hover around its 100-day and 200-day moving averages, suggesting a consolidation phasewith a slight negative bias. A decisive break below 25,300 would likely invite renewed selling pressure, potentially opening the path toward 25,000 in the near term and 24,500 thereafter, which remains a crucial level from a medium-term perspective. On the upside, 25,800–26,000 remains a formidable supply area, with selling interest emerging on prior recovery attempts.
