Mkts steady, indices test record highs

Nifty index opened on a positive note and, right after the open, surpassed its previous lifetime high of 26277 after 289 sessions, marking a new peak at 26310. After this initial breakout, momentum cooled off slightly as the index witnessed some profit booking from record levels. Despite the intraday dip, the overall sentiment remains bullish, with bulls holding their ground comfortably. Nifty formed a small-bodied candle on the daily chart and continues to create higher highs on smaller time frames, indicating that the upward structure is still intact.

- Motilal Oswal Team

Now it has to hold above 26150 zones for a momentum to extend towards 26310 and then 26500 zones while supports are shifting higher to 26100 and then 26000.

On option front, Maximum Call OI is at 26300 then 26500 strike while Maximum Put OI is at 26000 then 26100 strike. Call writing is seen at 26300 then 26500 strike while Put writing is seen at 26250 then 26200 strike. Option data suggests a broader trading range in between 25700 to 26600 zones while an immediate range between 26000 to 26400 levels.