Technical View | Markets hit record high: Experts see short term rally to 26,500 for Nifty with major support near 25,800

Stock market today: Sensex, Nifty scale record highs on rate cut hopes.

The benchmark equity indices scaled fresh record levels in intra-day trade on Thursday before ending with modest gains, supported by firm global cues on expectations of a US Federal Reserve rate cut and continued foreign fund inflows.

The Sensex rose 110.88 points or 0.13 percent to close at 85,720.38. It touched an all-time high of 86,055.86 during the session, surpassing its previous record of 85,978.25 hit on September 27, 2024.

The Nifty advanced 10.25 points, or 0.04 percent to end at 26,215.55 after hitting a new peak of 26,310.45 earlier in the day. The index had last set an intra-day high of 26,277.35 on September 27, 2024.

Analysts said the short-term trend remains positive, with scope for the Nifty to move towards 26,500, while major support is seen near 25,800.

Ajit Mishra, SVP–Research, Religare Broking, said the index is expected to maintain its upward bias. "Immediate support lies in the 26,100–26,050 region, with major support near 25,800."

Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities, said the 26,300–26,330 zone remains a key hurdle for the Nifty. "A sustained move above 26,330 could fuel an upside rally towards 26,500 in the short term. On the downside, support is placed at 26,090–26,060," he said.

Shah added that the Bank Nifty also touched a new all-time high on Thursday and is likely to extend its gains. He pegged near-term targets at 60,100 and 60,500, with support at 59,400–59,300.

Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities, said the formation of a small red candle on the daily chart suggests near-term consolidation. "The market may see more choppy movement before another leg of upside. Immediate support is at 26,100–26,050, while the next resistance to watch is around 26,600," he said.

Major Asian markets, including South Korea’s Kospi, Japan’s Nikkei 225, China’s SSE Composite and Hong Kong’s Hang Seng, ended in positive territory.

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