Nifty hits record, but charts hint trend may be about to reverse

The benchmark Nifty index hit a fresh record high on Friday but closed sharply lower, suggesting the recent upward trend may be about to reverse in the short term, technical analysts said.

- Ram Sahgal

This will be confirmed if the index closes below Friday's lows on Monday.

The Sensex also rallied, but failed to hit a fresh high, closing instead over a thousand points off the day's peak.

The Nifty surged 1.97% to a record high of 22126.80, briefly surpassing its previous record of 22124.15 on 16 January, before closing up 0.72% at 21853.80. The Sensex vaulted 2% to 73,089.4, but closed almost 1,000 points off the day's high at 72085.63, upjust three-fifths of a percent.