When Nifty climbs a wall of worry

THE NIFTY ROSE 1.64% last week to close at 25,910, marking gains in all five trading sessions.

- VK SHARMA

The sharp upmove came despite the bomb blast in Delhi on November 10, the first act of terror outside Kashmir since May 2014. While the new profile of the terrorists surprised the nation, it failed to deter the markets from closing with solid gains.

If we consider weekly closings, last week’s close of 25,910 was the second-highest ever for the Nifty. The highest close of 26,178 was recorded in the week ended June 27, 2024. Going forward, immediate resistance is seen at 26,104 — the last swing high registered on October 23 — and then at the all-time high of 26,277 hit on September 27, 2024. Once that level is crossed, the benchmark could target 26,600.