Nifty 50 hit an all-time high today as the index added 0.52% at 12,100 as the bullish sentiment for stocks across the globe continues on positive trade deal news. Sensex also hit all-time closing highs as Indian stocks get a boost from lower corporate tax, and government plans to divest the public sector companies.
Low-interest rate environment also support stocks as Reserve Bank of India followed other major central banks as it cut the interest rates on October by 25 basis point to 5.1% at it’s the lowest level since 2010.
Nifty 50 managed today to register fresh highs as bulls control the index. Nifty 50 technical outlook is positive following the ascending trendline since late September. Now the immediate resistance stands 12,114 today’s high, while a break above will meet selling pressure at 12,200 psychological mark.
On the downside, Nifty 50 first support will be met at 12,055.15 today’s low while the 12,000 round figure would e another obstacle for bears. The 50-day moving average at 11,953 will be the next target if sellers breach the 12,000 mark.