New Delhi, Oct. 21 -- Early bird large-cap beats for Q2FY26 and short covering in derivatives, coupled with fresh cash buying by foreign investors recently, have set the stage for the benchmark Nifty to test its record high of last September within the next few weeks, according to analysts. They added that a trade deal between the US and India could help sustain the momentum.

The Nifty closed Monday at 24,853.15-just 1.68% shy of its record high of 26,277.35 hit on 27 September last year. Markets have now recovered 14% from the multi-month low of 21,743.65 on 7 April to Monday's close. The latest 5% leg of the rally (24,631.3-25,843.15) followed Prime Minister Narendra Modi's announcement of a fiscal stimulus via GST rate cuts on 15 Augu...