Business
Breakout above 26,085 key for Nifty upside: Rohit Srivastava
Rohit Srivastava, Founder, Strike Money Analytics & Indiacharts shared his outlook on the market’s near-term trajectory, noting, “Yes, we do think the pullback we have seen over the last two weeks should be over because we have retraced exactly 61% at 25,700 of the last rally, so that is a very-very good starting point for the markets to move on back to making new highs. What we do need, of course, is a breakout above 26,085 from this downward channel that we were in terms of the last two-week fall. Once we do that, then we should be headed towards 26,400 or a little above that which is the next resistance. But overall, I do think in the coming month or for December the market should continue to remain bullish.”
Sectorally, the Nifty Metal Index emerged as the biggest gainer, with key stocks like Hindustan Copper and Hindustan Zinc climbing 2–4%.
Commenting on the metal space, Srivastava said, “So, the metal index is starting off a new move, this time probably headed towards 11,900 on a one or two month basis, so that is a meaningful upside, from here maybe 15-20% kind of move. This is happening not just because of price movements because some metal prices have recovered but we are not really seeing a race there yet. But there is an anticipation that both demand and prices would drive that given the interest rate cycle.
“So, the interest rate sensitivity has driven the US Nasdaq Industrial and Metals Index up by 2.8% overnight and that has sort of kicked off the positivity towards the sector as a whole, which is the commodities basically are likely to do well in 2026 on the back of lower rates and a weak dollar. So, that is the bet that people are starting to take more openly and that is where you are seeing the breakouts today in most of the metal counters,” he added.
Investors appear increasingly optimistic as both the broader market and select sectors show strong upside potential. Analysts believe that with upcoming catalysts and continued global support, the bullish momentum could extend into December.
