BSE Sensex and Nifty made record closing highs, even just after they erased early gains partially on Friday. BSE Sensex surged 163 points or .27 per cent to finish at 60,048, although the Nifty index gained 30 points or .17 per cent to settle at 17,853. During intraday, the 30-share Sensex hit a historic higher of 60,333, although the Nifty 50 index surged to a fresh lifetime higher of 17,948. Index heavyweights such as HDFC Bank, Infosys, Asian Paints, ICICI Bank, amongst other folks contributed the most to the indices’ obtain. Broader markets underperformed equity industry benchmarks. S&P BSE MidCap fell 1.16 per cent or 295 points to 25,194, although the BSE SmallCap index lost .30 per cent or 86 points to settle at 28,023. Analysts say that Nifty 50 is all set to hit the 18,000 level.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
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Trading was mainly variety-bound with a positive bias but the highlight of the trade was Sensex breaching the psychological 60000-mark. Benchmark Nifty has formed a robust larger higher and larger low formation which is broadly positive. The critical point is the index effectively cleared the resistance of 17800 and is comfortably trading above the very same. For the index, 17775-17700 could be the critical help levels. On the flip side, 18000 and 18200 could act as a important resistance level. Contra traders can take a extended bet close to 17700 with a strict 16650 help cease loss, although partial profit booking is advisable among 18100 to 18200 level. Meanwhile, the Bank Nifty has maintained a larger bottom formation. The important help levels are placed at 37200 followed by 36800. The structure suggests a additional upside if it succeeds to trade above 37200
Rohit Singre, Senior Technical Analyst, LKP Securities
Index closed a week at 17853 zone with gains of one & half % on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its help zone to 17750-17650 so any dip close to pointed out help zone will be once again fresh purchasing chance with maintaining cease out level beneath 17650 zone & if stated levels are held we might see the index march towards 18k mark, resistance is nevertheless placed about 17900-18000 zone exactly where traders can lock some of their extended gains.
Aashish Somaiyaa, Chief Executive Officer – White Oak Capital
Market levels are just incidental. All time highs (ATH) do not imply a great deal since each ATH is preceded by a series of ATHs and I am sure it will be succeded by lots of more to come. We continue to ask our customers to stay totally invested, irrespective of the levels as industry timing is a futile physical exercise. 2010 to 2020 saw series of false begins in the markets coupled with several financial disruptions which has made 2021 difficult to think for most stock industry participants but if globally supportive macro situations persist and India continues to stand out on relative merit in light of our Government’s reform method, one can think this industry has legs. The surge of FII inflows (US$ 38bn) into India considering the fact that April 2020 suggests that foreign investors continue to location self-assurance in India’s diverse corporate universe with it is alpha possibilities.
Palak Kothari, Research Analyst, Choice Broking
On a technical front, the Index has been trading with Higher High & Higher Bottom formation on a day-to-day time frame from the last couple of days, which indicates strength for the upside. Furthermore, the Index has been trading above all the moving averages as nicely as Momentum indicator Stochastic is also trading with positive crossover which additional adds strength in the counter. At present, the nifty appears to have psychological resistance at 18000 levels although crossing above the very same can show 18200-18250 levels although instant help comes at 17650 levels.
Mohit Nigam, Head – PMS, Hem Securities
Sensex scales Mount 60000 today each Nifty 50 and Sensex ended at fresh record highs in a volatile trading day today just after paring early morning gains. Markets have sustained above 17,850 levels and we anticipate this momentum to continue which might lead Nifty50 to 18,000 levels in close to term. 17,650 might act as instant help in Nifty 50. Overall we think that industry trajectory continues to be positive and any substantial dip need to be utilized to invest in excellent stocks for fantastic returns.