Today, Indian benchmark indices continued their winning run for the fourth straight trading session. The S&P BSE Sensex broke through the 85,000 barrier for the first time, hitting an all-time high of 85,008 points, which signifies the index's fourth straight session of new highs.
For the fourth straight trading day, the Nifty 50 also broke records, hitting 25,970 points and nearly surpassing the 26,000 mark. Senior Technical Analyst at LKP Securities Rupak De stated, "The Nifty is still rising, hitting new highs every day."
The attitude is still optimistic, indicating a possible increase to 26,200 in the near future. The Nifty can find support on the downside at the hourly time frame's 21-EMA, which is now at 25,700. On the daily timescale, the RSI has shown a falling trendline breakout.
As long as the index remains above this pivotal moving average, the optimistic outlook is probably going to endure. The market's performance has been greatly aided by the financial services industry's robust backing as well as the rebound bounce in car and real estate equities.
The PSU stock rebound is also contributing to the indexes to all-time highs. Currently, 23 of the 50 stocks that make up the Nifty 50 are trading higher. With a rise of 3.5 percent, Tata Steel topped the gains. JSW Steel, Power Grid Corporation, HDFC Bank, Hindalco Industries, and Tata Motors are all trading with gains ranging from 1% to 3%.
