Bulls dominated the market today. Sensex closed above 60,000 for the first time. On the other hand, Nifty closed in the green around 17,850. Realty, IT, Fertilizer stocks saw good growth in today’s session. Nifty-Sensex closed at a record high on Fantastic Friday in the market.
The IT index closed at a record high in today’s trading. However, profit-booking has been seen after the record rally in the midcap. There was light buying in auto stocks. Metal, pharma stocks remained under pressure. Selling was also seen in FMCG, oil and gas stocks.
29 out of 50 Nifty stocks declined. 18 out of 30 Sensex stocks declined. 9 out of 12 stocks of Nifty Bank declined. Nifty climbed 30 points to close at 17,853.
Sensex climbed 163 points to close at 60,048. Nifty Bank climbed 59 points to close at 37,830. Midcap has closed 237 points lower at 30,143. On the other hand, the rupee weakened by 6 paise against the dollar and closed at 73.70 against 73.64.
Vinod Nair of Geojit Financial Services says that weak global cues also did not manage to stop the rise of Indian markets today. Sensex-Nifty hit new highs today on the back of boom in realty and IT stocks. India is emerging as the world’s preferred equity market amid steady growth among domestic investors.
However, today there was profit recovery in small and medium stocks. Mid and small caps seem to be under pressure. In the short term, the pressure will remain. He further added that due to increase in property registration and reduction in stamp duty in states like Karnataka, the enthusiasm in the realty sector remained intact.
technical view
Nifty formed a bearish candle on the Daily Scale today. But it formed a bullish candle on the weekly scale. Along with this, it has continued to make higher highs and higher lows for the last 8 weeks. Chandan Tapadiya of Motilal Oswal says that Nifty will have to stay above 17,777 to know in the 18,000 zone. On the downside, support is visible at 17,700 -17,500.
Ashish Biswas of CapitalVia Global says that after breaking the level of 17,850 Nifty saw volatility. If Nifty stays above 17850, then it may see further rise and we may see Nifty going beyond 18000.
Rohit Singre of LKP Securities says that the market has closed today. The momentum is expected to continue in the future as well. Now the support zone of Nifty has moved towards 17,750-17,650. Any downside in this zone should be capitalized as a buying opportunity. For this, put a stop loss of 17,650. If Nifty sustains above this level, then there will be further upside.
Mohit Nigam of Hem Securities also says that Nifty has managed to stay above 17,850. The market may soon see us cross 18000. There is immediate support for Nifty at 17,650 level. It would be advisable to adopt a buying strategy in quality stocks on a fall in the market.
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