_Morning Snippet:- 12th June 2025_ *Index Observation* Nifty has broken out from its 3 week consolidation and now stands at an eight month closing highs. Having closed marginally in green, the index has been holding above 25050 resistance level for the past 3 consecutive days. This breakout from the range is projecting higher targets of 25400 / 25600 however the support is far below at 24650. Bank Nifty has broken out into fresh all-time highs earlier this week. Outperformance of Bank Nifty is likely to continue for this week’s trade as well as the index resumes further upside towards 57200 / 57600 odd, however fresh longs are likely to provide good risk to reward only on dips towards 56200. Do note that the index is closing below its previous day’s low for the past two days. Nifty’s weekly expiry is scheduled for today while the weekly closing in charts is scheduled for tomorrow. *Interesting Observation* On 29th May, we highlighted the lead-lag dynamic between Nasdaq and Nifty IT—where Nasdaq often leads by a few months. At that point, Nasdaq was rising while Nifty IT lacked momentum. On 2nd June, we highlighted how the Nifty IT/Nifty 50 ratio was consolidating near a long-term trendline support. Recently, Nifty IT confirmed a key technical breakout with an inverse head and shoulders pattern. The breakout aligns with the 50% Fibonacci retracement of its prior decline, both of which have been convincingly crossed. This structure is further supported by a double bottom pattern formed in April 2025. Meanwhile, the Nasdaq is now just 1.3% shy of its all-time high, reinforcing the view that Nifty IT still has considerable room to catch up. This space warrants close attention in the sessions ahead. *DERIVATIVES | Trade Setup* Cash Market Activity FII: ₹ -446 crore DII: ₹ 1,584 crore *Week-to-Date (WTD)* FII: ₹ 3,847 crore DII: ₹ 6,200 crore *Month-to-Date (MTD)* FII: ₹ 282 crore DII: ₹ 31,715 crore *F&O Cues* FIIs have added 6k long contracts in last trading session. Their net position now stand at 86k short contracts. In the options segment, the 24800 strike to act as support, while the 25300 strike remains a key resistance. *New 52 Week High Low Data* *Large Cap:* New 52 Week Highs: 1 New 52 Week Lows: 0 *Mid Cap:* New 52 Week Highs: 2 New 52 Week Lows: 2 *Small Cap:* New 52 Week Highs: 4 New 52 Week Lows: 1 *NIFTY500:* New 52 Week Highs: 7 New 52 Week Lows: 3