Nifty hits an all time high of 26310 but closes 300 points lower

Benchmark NSE Nifty 50 touched an all time high of 26,310 points before paring gains and closing at 26,215.55, on November 27.

The Sensex too hit an all time high of 86,055.86 points and settled at 85,720 points at the end of the session. While this may be psychologically good news in a market with otherwise tepid returns, both the benchmark indicators dropped nearly 300 points from their all time highs in the same session.

Although this is a new all-time high, it is just 0.04% and 0.13% more than the previous close on Nifty and Sensex respectively. To be sure, returns of ten of the 19 sectoral indices were either negative or 0%, on NSE. “The short-term outlook of the market remains positive,” said Shrikant Chouhan, Head Equity Research, Kotak Securities, adding that 26,350 on Nifty and 86,300 on Sensex would act as key resistance areas for the bulls, however, below 26,000 and 85,200, the sentiment could change.