NSE Nifty created a new record and breached the 14,000-point milestone today, with the Indian share markets trading larger on the final day of the calendar year 2020. BSE Sensex was trading at its record higher level of 47860.3, when the broader Nifty 50 index hit 14,009 points. In the opening offers today, Nifty was just shy of 14,000, and hit a fresh higher of 13,997.85 level. Last month on November 24, Nifty 50 closed above the essential 13,000 level for the initial time ever at 13,055, when it breached 13,000 level on the downside in the following week.
The broader Nifty 50 index reclaimed this essential level on December 1, 2020 and given that then it has been trading above the essential level of 13,000. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, stated that the Nifty is trading really close to the 14000 level, if it can sustain above this on a closing basis, then it could go up additional to levels closer to 14100-14150. “The overall market remains bullish with good support at the 13550-13600 zone,” stated Manish Hathiramani.
So far this calendar year, each Sensex and Nifty have rallied 15 per cent in spite of coronavirus-induced volatility in the share markets across the planet. Today, headline indices have been noticed trading volatile due to month-to-month and quarterly expiry of F&O contracts. In the earlier session Nifty reached to 13,997 level when today it surpassed to scale an all-time higher of 13,997.85. Seeing the existing marketplace situation, Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, sees the brief and medium term trend of the marketplace positive with higher volatility on cards.
It took Nifty 50 a small more than a month to mount 14,000 from 13,000 levels. It could be noted that from the March lows of 7,511.10, Nifty 50 index has rallied 83 per cent. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services stated that it is challenging to predict how the marketplace will behave subsequent year. Factors such as twists and turns in the pandemic, COVID-19 vaccine, recovery in development and earnings, upcoming Union Budget, monetary policy, the monetary stance of the Fed, will influence and effect the stock marketplace. “Investors may partially book some profit but remain invested in high-quality names, particularly in private sector banking, IT, telecom, pharma and consumer goods. In a market like this, it is important to continue with SIPs,” V K Vijayakumar stated.