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Indian Bulls Roar: Nifty Challenges Record Peaks
20 Nov
Summary
- Nifty index breached 26,200, nearing its all-time high on Thursday.
- Heavyweight stocks like Reliance, HDFC Bank drove the index higher.
- Investors await US FOMC minutes and jobs data for global market direction.
The Indian stock market, particularly the Nifty index, displayed strong bullish momentum on Thursday, pushing towards its all-time high and surpassing the 26,200 level for the first time in months. This significant upward movement was primarily fueled by the performance of heavyweight large-cap companies, including Reliance Industries, HDFC Bank, and Axis Bank, which provided substantial support to the index. Sectoral gains were led by Nifty Financial Services and Nifty Oil & Gas.
While the frontline indices showed strength, the broader market segments, such as the Nifty Midcap 100 and Nifty Smallcap 100, experienced weaker participation and lagged behind the major indices. This divergence indicates a selective rally concentrated in specific blue-chip stocks. Concurrently, global markets are on edge, awaiting crucial economic indicators from the United States, specifically the FOMC meeting minutes and employment data, which are expected to shape international market trends.
Market analysts express optimism for the near term, with predictions of the Nifty potentially reaching 26,400-26,500 if key resistance levels are decisively broken. Support is identified around the 26,000 to 26,100 range, with sentiment favoring long positions as long as these levels hold. The Bank Nifty also continued its upward trajectory, marking fresh all-time highs throughout the week, suggesting robust investor confidence in the financial sector.
