On Tuesday, Nifty (Nifty-50) closed with a record closing high. Sensex also followed the same path. Sensex closed with a gain of 210 points at 55,792. On the other hand, Nifty closed at 16,614 point. Midcap stocks outperformed BSE Sensex and Nifty-50. It increased by 161 points, or 0.7 percent, to 23,061.77 points. While the BSE Small Cap index rose 0.30 per cent to 26,284.83. At the same time, the India Volatility Index fell 0.33 percent to 13.41. IT stocks and FMCG stocks strengthened the Nifty. Heavyweight stocks like Infosys, TCS, Hindustan Unilever gave further edge to Nifty.
Next level of Nifty 16,850?
The fast pace with which the Nifty is showing an increase for the last few days, now it has started to speculate whether the next level of Nifty-50 will be 16,850. Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deendayal Investments says that the next level of Nifty will be 16,850. Now profit booking sessions cannot be ruled out. Since the overall trend is positive, traders can use intraday correction to take long positions for higher targets.
Rohit Singre, Senior Technical Analyst, LKP Securities says that Nifty has jumped in another session and has traveled to 16,164. It has registered an increase of half a percent and it seems to be a bullish candle on the daily chart. The index has shown slight selling pressure but is maintaining a bullish trend. 16,500 looks like a good base in Nifty, beyond which it can reach a new high of 16,700.
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Rally is visible in high quality mid cap stocks
Gaurav Udani, CEO and Founder, THincRedBlu Securities, says that Nifty is getting strong support at 16450 and 16500. In the next few sessions, Nifty is showing a strong uptrend at 16700 and 16750. On the other hand, S Ranganathan, Research Head, LKP Securities, says that there was a rally in IT stock on Tuesday. A rally is visible in many high-quality midcap stocks. Nifty has been expanding continuously since last few months. However, concerns remain about the deterioration in the asset quality of private sector banks. But the concern about the slowdown in monsoon will remain in this matter.
(Article : Surabhi Jain)
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