Mumbai: Indian stock markets picked up pace after a slow start on Thursday, with the Nifty index touching a fresh record high.
The Nifty climbed to a new all-time high of 26,295.55, breaking its earlier record of 26,277 set on September 27, 2024. It took the index 287 sessions to reach this new peak.
The Nifty extended its recent gains, reinforcing the prevailing bullish undertone after a phase of consolidation.
“The index now finds strong immediate support in the 26,050–26,100 region, which has consistently acted as a demand zone. On the upside, resistance has gradually shifted toward the 26,300–26,350 band, where selling pressure is expected to emerge and potentially limit near-term upside,” market watchers said.
The Sensex also traded higher, rising 240 points or 0.28 per cent to 85,850. Bank Nifty also displayed sustained strength, aided by buying interest from lower levels.
“The index currently holds support at 59,200–59,300, a zone crucial for maintaining its positive structure. On the resistance front, the 59,700–59,800 zone remains key, as a decisive breakout above this level will be necessary to confirm the next leg of directional movement,” analysts said.
Broader market indices saw modest gains, with the Nifty MidCap index up 0.16 per cent and the Nifty SmallCap index higher by 0.07 per cent.
Among sectors, the Nifty Metal index led the gains with a 0.5 per cent rise. The Nifty Auto index followed, gaining 0.35 per cent.
The Nifty Bank index also hit a fresh high, touching 59,802.65 after rising 0.4 per cent.
Analysts said that market sentiment improved through the day, supported by buying across key sectors.
“Given the prevailing volatility and global uncertainty, traders are advised to adopt a selective buy-on-dips approach, manage leverage prudently, and use tight trailing stop-losses with staggered profit-booking,” market watchers said.
Meanwhile, foreign institutional investors (FIIs) continued their buying streak, purchasing equities worth Rs 4,778 crore on November 26, while domestic institutional investors (DIIs) added Rs 6,247 crore during the same session.
(IANS)
