On the new year, there was tremendous fireworks from the bulls in the market, due to which the market reached the biggest rally in 12 years in the first session of the new year. The Sensex gained about 1000 points and the Nifty gained about 275 points. IT index reaches record high. Most buying was seen in bank, auto and metal stocks.
In today’s trade, 44 out of 50 stocks of Nifty saw a rise, while 25 out of 30 stocks of Sensex dominated. On the other hand, buying was seen in all 12 shares of Nifty Bank. Today, except the pharma sector, buying was seen in almost all the sectors in the market. Nifty Pharma closed in the red mark with a fall of 0.43 per cent today, while Nifty Bank closed at 36465.55 with a gain of 2.77 per cent due to the return of buying in banking stocks, especially private banks.
At the end of trading, the Sensex closed at 59,183.22 with a gain of 929.40 points, or 1.60 per cent. On the other hand, Nifty has closed at the level of 271.65 points or 1.57 percent at 17,625.70.
Metal, financial, realty and auto stocks were the biggest gainers in today’s trade. Nifty’s metal index closed with a gain of more than 2 per cent today. On the other hand, the auto index has managed to gain 1.6 percent. On the other hand, the Nifty Financial Index closed with a gain of 2.4 percent.
technical view
Chandan Tapadiya of Motilal Oswal Financial Services Lets say Nifty formed a strong Bullish candle today. Nifty is making higher highs and higher lows on the daily frame. Now Nifty will have to stay above 17500 to go to the zone of 17700-17900. Now the support zone for this has been pulled towards 17,350- 17,200.
How will the market move tomorrow?
Hathiramani of Deen Dayal Investments Says that now the next resistance for Nifty is visible at 17,850. After crossing this, Nifty can go towards 18,050. As long as the positive trend remains in place, any intraday downtrend would be a buying advice for a bigger target.
Sensex ran above 900 points, Nifty crossed 17600, know what was the reason for this rally?
Ajit Mishra of Religare Broking Says that the participation of banking stocks in today’s rally has changed the mood of the market. However, everything else remains the same. Now further news related to COVID-19 and signals from the global market will be important for the market. The next resistance for Nifty is seen at 17,750. Ajit Mishra says that investors should keep an eye on the selected stocks and avoid highly leveraged positions.
Share Khan’s Gaurav Ratnapalkhi It says that Nifty has reached the important resistance of 17600. Now we have to see if Nifty manages to stay above this level or not. If this happens then Nifty can take us to 18000 level.
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