Keeping its bull run intact for the sixth consecutive session on Monday, November 17, the Nifty 50 advanced 0.40% to reclaim the 26,000 mark for the second time in November, settling at 26,013 points.
Although global cues remain unsupportive, the healthy finish to Q2FY26 corporate results and the NDA’s victory in the Bihar assembly elections provided a boost to the Indian stock market.
Earlier in the previous month, the Nifty had crossed the 26,000 level multiple times but failed to sustain the rally at higher levels. While selling pressure from overseas investors continues, strong domestic inflows have helped keep Indian equities afloat in recent weeks.
With the Nifty 50 surging past 26,000 again today, all eyes are on whether the index can push to new record highs, following the trend of other Asian peers, many of which have hit multiple record levels this year.
Will consistent buying interest keep the uptrend alive?
Bajaj Broking noted that Nifty has formed a bullish candle on the daily chart, continuing higher highs and lows, which indicates that last week’s uptrend remains intact. Bajaj Broking also observed that the index is trading above key moving averages, reflecting strong buying interest at every dip. The brokerage expects Nifty to first approach 26,100 and potentially reach 26,300 if momentum continues, while Bajaj Broking highlighted that support at 25,800–25,850 is likely to attract buyers and limit deeper corrections. Overall, Bajaj Broking maintains a constructive outlook, with market sentiment favoring the bulls.
Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking Private Limited, said that immediate resistance is now seen at 26,100, followed by 26,150, while the 25,850–25,900 zone is expected to act as a strong accumulation area for positional traders.
Hrishikesh Yedve, AVP of Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd., also noted that Nifty has formed a bullish candle on the daily chart, indicating underlying strength. He added that, in the near term, support for the Nifty is placed around 25,710, aligning with the bullish gap zone, while 26,100 and 26,280 will act as key resistance points, advising traders to remain cautious at the higher levels mentioned.
Rupak De, Senior Technical Analyst at LKP Securities, highlighted that the index’s rally came after a few days of consolidation on the daily timeframe. He observed that the index has been sustained above the 21EMA, a critical short-term moving average, while the RSI on the daily chart is in a bullish crossover.
He also pointed out that the formation of a higher bottom indicates a rising market, suggesting that the trend is likely to remain strong in the short term, with the potential to move towards 26,200–26,350, while support is placed at 25,800.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
