Indian benchmark Indices rose for the sixth consecutive session and closed at record high levels today.
At close, the Sensex was up 568.90 points or 0.94 percent at 61,305.95, and the Nifty was up 176.70 points or 0.97 percentat 18,338.50. About 1,596 shares have advanced, 1,541 shares declined, and 103 shares are unchanged.
Adani Ports, Wipro, Grasim, ITC and HDFC Bank were among major gainers on the Nifty, while losers were Coal India, Eicher Motors, Tata Motors, HCL Tech and TCS.
Mohit Nigam, Head - PMS, Hem Securities, said, "Strong buying was seen in IT, realty and metal stocks while some profit booking is witnessed in auto stocks. Today most of the IT stocks had a good run after strong numbers posted by Wipro, Infosys and Mindtree. Shakti Pumps surged 15 percent ahead of its quarterly results. Borosil Renewables continued its upward trajectory due to recent traction in the renewable industry.
"On the technical front, benchmark indices witnessed continuous positive trend after sustaining well above 18,200 levels. According to our technical analysis this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is 18,200," Nigam said.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Nifty made a new life-time high of 18,350 today.It closed at 18,335, up by 175 points since October 13, close. Volumes in Nifty were higher than its average which is a good sign for longs. Nifty has a strong support in the 18050-18110 range. Traders can use buy on dips strategy with strict stoploss for 18380-18420 as targets."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd., said, "The market continued its bull run as worries about the likely interest rate hike in the US at a later stage and rising bond yields tempered, while a good start to earnings season boosted sentiment. In the case of benchmark Nifty, it has already rallied nearly 900 points this month and hence there is a strong possibility of temporary weakness. We are of the view that 18,200 could be the trend decider level for positional traders and above the same the uptrend formation will continue up to 18,500-18,750 levels. On the flip side, dismissal of 18,200 could trigger another correction wave up to 18,100-18,050 levels. Contra traders can take a long bet near 18,050 with strict 18,000 as support stop loss. Meanwhile, the Bank Nifty has formed a promising breakout formation as the index has found support at 38,500 and 38,000, and the structure suggests further upside if it succeeds to trade above 38,000."
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