The Indian stock market reached a great milestone on Friday. The BSE Sensex crossed the 60,000 mark on Friday on the back of better signals from the global market. Sensex has achieved this position for the first time.
At the end of trading, the Sensex closed at 60,048.47, up 163.11 points. On the other hand, the Nifty of the National Stock Exchange (NSE Nifty) also remained the same and closed at a record level. At the end of trading, the Nifty closed at 17,853.20 with a gain of 30.25 points. Apart from IT, auto and realty, all other sectoral indices closed in the red. IT index rose 2 per cent, Infosys was the top gainer in the Sensex.
Traders will keep an eye on these factors in the stock market next week
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.
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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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