Sensex at 85K, Nifty at 26K: Analysts expect some correction from higher levels
equity indices closed at all-time high levels on Wednesday, as a late spurt helped the Sensex close above 85,000 and the Nifty above 26,000 for the first time. Analysts warn traders of some hurdles for these indices immediately but do not anticipate a sharp sell-off. The broader market indices, however, ended weak.
Nifty gained 0.3% or 63.75 points to close at 26,004.15, while Sensex advanced 0.3% or 255.83 points to close at 85,169.87.
«Since the markets are at all-time high levels, the resistance for Nifty is around 26,200 to 26,300 levels,» said Ruchit Jain, lead research analyst at 5paisa. «Short-term traders can book profits at these levels and take some money off the table.»
Both indices rose almost 2.5% in the past four trading sessions after the US Federal Reserve cut its policy rate by 50 basis points last Thursday. Analysts said the market could be overbought in the short term.
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