Nifty’s journey to record high could be choppy

Nifty, which is about 2% short of its all-time peak, could hit a record high by year-end and sustain the gains, but analysts predict the journey to the ascent will be choppy: Heavy selling pressure is expected in the 25,900-26,300 zone.

- Ram Sahgal

The positive undertone amid the choppiness comes on the back of the repo rate cut of 100 basis points between February and May, and GST rate cuts in September. Analysts expect the earnings to pick up in the second half of the fiscal and India and the US to strike the trade deal next month.

Nifty hit a record of 26,277.35 on 27 September last year but retreated amid high valuations, global uncertainty, and trade wars. The index has recovered nearly 20% from April lows and is 9% away from that record.