Nifty can rally up to 25300 in short-term

Nifty Index opened flattish and escalated upwards in the first half which was followed by huge swings in the second half of the session.

- Motilal Oswal Team

It touched a fresh all-time high of 25192 levels and closed with gains of around 100 points. It formed a bullish candle on daily frame and gave the highest ever close on a daily basis. The index has been shifting its base higher gradually and making higher highs from the last four sessions. Now it has to continue to hold above 25100 zones for an up move towards 25300 then 25450 levels while support is seen at 25000 then 24850 zones.

India VIX was down by 0.34% from 13.95 to 13.90 levels. Volatility has slightly inched up from the last three odd sessions but is overall at its lower base and supporting the bulls to buy at higher zones.