Advertisement

Business

Updated on: Thursday, September 23, 2021, 04:39 PM IST

Markets on a roll as Sensex ends just short of 60,000 on frenzied buying, Nifty at new record high

Benchmark stock market indices closed on fresh record highs amid positive global cues.   |

Benchmark stock market indices closed on fresh record highs amid positive global cues. |

Advertisement

Markets continued to scale new highs on the back of abundant liquidity and strong global cues, with Sensex almost on the verge of hitting the 60,000 peak. The Sensex was up 958.03 points or 1.63 percent at 59,885.36. The Nifty index continued upward move and managed to close at the day's high gaining 1.57 percent gaining 276.30 points at 17,823 ahead of the weekly expiry. About 1866 shares have advanced, 1305 shares declined, and 148 shares are unchanged.

The Banknifty surged more than 2 percent in a day to close at 37,771.70 levels.Bajaj Finserv, Hindalco Industries, Tata Motors, Larsen and Toubro and Coal India were among major gainers on the Nifty, while losers included HDFC Life, Dr Reddy’s Labs, Nestle India, ITC and Tata Consumer Products.

"Nifty made a new all-time high of 17,843.9 today. Nifty is now trading in an uncharted territory which is extremely bullish. It may face some minor resistance 17,860-17,900 range. It has strong support in 17,580-17,620 range. Traders can consider buying on dips with strict stop loss", said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Sachin Gupta, AVP-Research, Choice Broking, "On the technical front, the Nifty50 has been rising continuously upward with making new milestones, which indicates bullish strength and buying interest among the traders. The Nifty50 index has reversed after taking support at Middle Bollinger Band on the daily chart and also moved above 21 days SMA. Moreover, on an hourly chart, the Nifty index has settled above 50-HMA with a positive crossover in Stochastic & RSI, which supports the upward trend. At present, Nifty has its immediate support at 17650 levels while resistance may come around 18,000-levels."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "The upsurge was mainly on the back of impressive gains in realty stocks. In the short term, benchmark Nifty has formed a strong bullish breakout candle and has consistently maintained higher bottom series formation, which supports further uptrend from current levels. For day traders, 17,800-17,750-17,720 would be key support levels. On the other hand, 17,900-17,950-17,990 could act as a major resistance level in the short run. Contra traders can take a long bet between 17,750-17,720 with a strict 16,910 support stop loss."

Deepak Jasani, Head of Retail Research, HDFC Securities, said, "Nifty closed at another record high after a great day when it just kept rising hour by hour without any major corrections. Advance decline ratio is sharply positive, though lower than that in the morning. Nifty is marching towards 18000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum. Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday. It's not clear yet whether the company will make that payment, and it had not commented by the close of trading in Hong Kong. Anything negative on this front could impact global sentiments."

Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW PE, said, "The market continues to be in the bull phase with buyers coming in at every dip. But, with market touching new highs, the risk has increased, given that there is an event risk associated with the unfolding debt crisis at China Evergrande Group and impending start of tapering by US Fed. Although, the Indian economy is recovering as per expectations, given the global cues, we have turned a bit cautious and believe that the best action right now is to wait for the market to indicate a directional bias."

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Thursday, September 23, 2021, 04:18 PM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement