Indian equity markets maintained their impressive upward trajectory on Monday as the Nifty 50 index climbed 0.40% to reclaim the crucial 26,000 level, marking the sixth consecutive session of gains. The benchmark index settled at 26,013 points, demonstrating remarkable resilience despite unsupportive global market conditions.
What's Driving The Market Momentum?
The sustained bull run finds its foundation in multiple positive domestic factors. The healthy conclusion of Q2FY26 corporate results has injected confidence among investors, while the NDA's victory in the Bihar assembly elections provided additional political stability reassurance. These elements have collectively overshadowed the persistent selling pressure from foreign institutional investors, with robust domestic inflows keeping Indian equities buoyant in recent weeks.
This isn't the first time Nifty has crossed the 26,000 threshold this November. The index had previously touched this psychological barrier multiple times earlier in the month but struggled to maintain momentum at elevated levels. Today's successful reclaiming of this level has market participants watching closely to see if the index can push toward new record highs, mirroring the performance of several Asian peers that have achieved multiple record levels throughout the year.
Technical Analysis: What Charts Reveal
Technical analysts across leading brokerage firms maintain a constructive outlook on the market's direction. Bajaj Broking highlighted that Nifty has formed a bullish candle on the daily chart, continuing the pattern of higher highs and higher lows, indicating that last week's upward trend remains firmly intact.
The brokerage firm observed that the index is trading above key moving averages, reflecting strong buying interest during every dip. Their analysis suggests Nifty could first approach 26,100 and potentially extend gains to 26,300 if the current momentum persists. Importantly, they identified the 25,800–25,850 zone as a critical support level likely to attract buyers and prevent deeper corrections.
Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking Private Limited, corroborated this technical perspective, noting that immediate resistance is now positioned at 26,100, followed by 26,150. She identified the 25,850–25,900 range as a strong accumulation area for positional traders looking to enter the market.
Expert Insights and Market Outlook
Hrishikesh Yedve, AVP of Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd., also noted the formation of a bullish candle on daily charts, signaling underlying strength. His analysis places near-term support for Nifty around 25,710, aligning with the bullish gap zone, while identifying 26,100 and 26,280 as key resistance points. He advised traders to exercise caution at these higher levels.
Rupak De, Senior Technical Analyst at LKP Securities, emphasized that the index's rally emerged after several days of consolidation on the daily timeframe. He pointed out that the index has sustained above the 21EMA, a critical short-term moving average, while the Relative Strength Index (RSI) on the daily chart shows a bullish crossover pattern.
The formation of a higher bottom indicates a rising market structure, suggesting the trend is likely to remain strong in the short term with potential to move toward 26,200–26,350. De identified 25,800 as crucial support, reinforcing the consensus among technical experts about key levels to watch.
With consistent buying interest and strong technical indicators, the Indian stock market appears poised for continued strength, though experts recommend cautious optimism as the Nifty approaches significant resistance levels.
