Outlook of market remains positive

Mumbai: The benchmark indices registered a fresh all-time high. The Nifty ended 15 points higher, while the Sensex was up by 165 points. Among sectors, the Media index rallied 0.60 percent, whereas the Reality, Oil, and Gas indices lost the most, shedding 0.70 percent.

Technically, after a positive open, the Nifty and Sensex registered a fresh all-time high of 26,310.45 and 86,055.86, respectively, but they trimmed some gains in the second half of the day. However, the short-term outlook of the market remains positive.

“We believe that 26,100/85,500 and 26,000/85,200 remain strong support levels for the bulls,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities.

As long as the market trades above these levels, the bullish sentiment is likely to continue. On the higher side, 26,350-26,400/86,000-86,300 would act as key resistance areas for the bulls. However, below 26,000/85,200, the sentiment could change. Below these levels, traders may prefer to exit their long positions.