Indian stock market bulls waited 14 long months for the Nifty 50 to reach a fresh record high. Although the index attempted multiple times in November to break the September 2024 highs, it finally surged past the 26,277 level to register a new record of 26,310 in Thursday’s session, November 27.
The rebound marks a revival of confidence among Dalal Street bulls, which had earlier been dampened by weak earnings, rich valuations, and geopolitical tensions. While higher US tariffs on Indian imports remain a concern, investors shrugged off these worries following multiple government measures, including GST rate cuts, aimed at mitigating the impact.
Analysts expect the September quarter earnings recovery to strengthen further in the second half of FY26, supported by GST cuts and multiple RBI repo rate reductions.
Policy measures targeting consumption, particularly in urban India, have also prompted global brokerages to revise their stance on the Indian stock market. JP Morgan, for instance, raised its base-case target for the Nifty 50 to 30,000 by end-2026.
while Goldman Sachs upgraded India to “Overweight” on November 10, 2025, setting a Nifty 50 target of 29,000 by end-2026.
Meanwhile, the sharp rally in other Asian markets has made valuations there appear unsustainable, prompting overseas investors to look toward opportunities in India, the region’s third-largest economy. This is reflected in their net buying activity in recent sessions, supported by expectations of a continued earnings recovery.
Nifty 50 technical outlook: Upside targets range between 26,440 and 26,800, analysts note
Ponmudi R, CEO of Enrich Money, said that Nifty 50 ended the session marginally higher near 26,220, continuing its consolidation just below the record high zone. The index faced mild selling pressure near the 26,250–26,300 resistance band, resulting in a narrow-range close. He emphasized that Nifty remains well above the key 26,200 psychological support, followed by 26,100, confirming that the broader trend remains structurally positive.
Ponmudi noted that a mild profit-booking candle could signal a short-term reversal, but as long as Nifty holds above these supports, the overall bullish structure remains intact.
Building on this view, Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd, observed that on the daily chart, Nifty formed a small red candle near trendline resistance, signaling profit booking at higher levels.
He noted the immediate hurdle at 26,310, with a sustained breakout above this level potentially leading to further upside toward 26,500–26,800. On the downside, 26,000 and 25,840 remain crucial support zones.
Similarly, Rupak De, Senior Technical Analyst at LKP Securities, noted that the index remained sideways after a positive start, ending the day almost unchanged. While Nifty registered a new all-time high after 14 months, the breakout was muted, and the index moved sideways thereafter.
He highlighted that the short-term trend remains positive, with the index comfortably above all major moving averages. The RSI is in a bullish crossover, and the higher-top, higher-bottom structure is intact, confirming an ascending chart pattern.
Rupak De identified 26,000 as a key support; until this level is breached, the index could move toward 26,440–26,580. He recommended a buy-on-dips approach, noting that some near-term consolidation is expected after the recent sharp up-move.
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.
