Nifty 50 Shatters 14-Month Record, Closes at New Peak
The bulls on Dalal Street finally had their moment of triumph. After a patient wait of 14 long months, the Nifty 50 index smashed through its previous barrier to register a fresh record high. On Thursday, November 27, the index surged past the crucial 26,277 level, which was its September 2024 peak, and climbed to a historic close of 26,310. This decisive breakout, after multiple attempts throughout November, signals a powerful revival of investor confidence.
What Fueled the Market's Record-Breaking Rally?
The journey to this new high was not without its hurdles. Investor sentiment had been previously dampened by a combination of weak corporate earnings, rich market valuations, and ongoing geopolitical tensions. Concerns over higher US tariffs on Indian imports also loomed. However, investors chose to focus on the positive, shrugging off these worries in response to a series of proactive government measures.
Key among these were significant GST rate cuts designed to boost consumption and multiple reductions in the RBI repo rate to stimulate the economy. Analysts now predict that the earnings recovery witnessed in the September quarter will gain substantial momentum in the second half of FY26, bolstered by these very policy actions.
Global Brokerages Bullish on India's Prospects
The government's policy push, especially measures targeting urban consumption, has not gone unnoticed by global financial powerhouses. This has prompted a significant reassessment of the Indian equity market's potential. In a major endorsement, JP Morgan raised its base-case target for the Nifty 50 to 30,000 by the end of 2026.
Echoing this optimism, Goldman Sachs upgraded India to an "Overweight" rating on November 10, 2025, setting a Nifty target of 29,000 for end-2026. Furthermore, a sharp rally in other Asian markets has made their valuations appear stretched, leading overseas investors to seek fresh opportunities in India, the region's third-largest economy. This shift is clearly reflected in their recent net buying activity, supported by strong expectations of a continued earnings recovery.
Technical Outlook: Consolidation and Future Targets
Market experts are analyzing the technical charts to gauge the sustainability of this rally. Ponmudi R, CEO of Enrich Money, noted that while the Nifty 50 faced mild selling pressure near the 26,250–26,300 resistance band, it managed to close well above the key psychological support of 26,200. He confirmed that the broader trend remains structurally positive, and as long as the index holds above 26,100-26,200, the bullish structure is intact, even if minor profit-booking occurs.
Adding to this, Hrishikesh Yedve, AVP at Asit C. Mehta Investment Interrmediates Ltd, observed that a sustained breakout above the immediate hurdle of 26,310 could propel the index towards 26,500–26,800. On the downside, 26,000 and 25,840 are identified as crucial support zones.
Rupak De, Senior Technical Analyst at LKP Securities, highlighted that the short-term trend remains positive with the index comfortably above all major moving averages. He identified 26,000 as a key support level and suggested that until this is breached, the index could move towards 26,440–26,580. Most analysts recommend a "buy-on-dips" strategy, anticipating some near-term consolidation after the sharp upward move.
