There is strong buying momentum in the market that is fuelled by strong liquidity, according to Vaibhav Porwal, co-founder at Dezerv. "In such a scenario market can overextend. Which means that we may see the 100k number shortly."
According to Shrikant Chouhan, head equity research at Kotak Securities, 25,875 will act as a sacrosanct support level for Nifty 50, while 84,750 will act as an important support level for Sensex 30.
Above the same, Shrikant Chouhan highlighted that the Nifty 50 could rally till 26100-26150 and the Sensex 30 could surge till 85500-85700. "On the other side, below 25875/84750 sentiment could change."
The Nifty has sustained above its very short-term moving average, according to Rupak De, senior technical analyst at LKP Securities.
Rupak De suggests that no reversal is visible in the momentum indicator. "We might witness a range-bound to positive move in the near term. Resistance on the higher end is seen at 26200-26250," he said.
Nifty 50 has virtually tested its immediate support of 25,850 and reversed to form a bullish candle on the daily chart, according to Aditya Gaggar, director of Progressive Share Brokers Pvt. "This suggests a trend continuation to rally till 26,200 while the support level is shifted higher to 25,950."
Also Read: Sensex, Nifty Post Record Close In Last Hour Recovery, Axis Bank, HDFC Bank Lead: Market Wrap
Market Recap
The NSE Nifty 50 and BSE Sensex recovered from the day's low in the last leg of the trade to end Wednesday at record close. HDFC Bank Ltd. and Axis Bank Ltd. added to the gains. This is the fourth consecutive session that India's benchmarks recorded fresh highs.
The Nifty 50 ended 63.75 points, or 0.25% higher at 26,004.15, and the Sensex ended up 255.83 points, or 0.30% at 85,169.87.
Money Market
The Indian rupee closed stronger against the US dollar on Wednesday on steady foreign inflows. Global investors poured in Rs 10,291 crore in the cash market over the past week, marking this September the best month in terms of inflows in the last six months.
The rupee appreciated by seven paise to close at 83.60 against the US dollar, according to Bloomberg data. The local currency had closed at 83.67 against the greenback on Tuesday.
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