Nifty, which today closed at an all-time high of 9,512.25 points, riding on the back of bolstered investor sentiment on a positive monsoon outlook, strong macroeconomic data, robust foreign fund inflows, and news that Employees’ Provident Fund Organization (EPFO) will invest at least Rs 18,000 crore in stocks in the current financial year, may scale the level of 9600 points quite soon with today’s low of 9456 points acting as a key support level for tomorrow, Angel Broking said in a research note.
“Markets continued their fabulous run and in the process, the Nifty has now achieved yet another milestone of 9500, which was very much on cards. Today, we witnessed a good broad-based rally in the market, leading index to close at its fresh high. At this juncture, we would continue with our optimistic stance on the market and expect the Nifty to reach yet another magical figure of 9600 quite soon. For the coming session, yesterday’s low of 9456 would now act as a strong support level,” said Sameet Chavan (Chief Analyst- Technical & Derivatives) Angel Broking, in a research report.
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“The government has done a good job in strengthening the economy in the last three years. We have seen dramatic change in our macros which is sowing seeds for the sustained momentum of economic growth going forward. We believe that government is likely to keep its focus on economic progress by bringing key reforms which will further put the country in the high growth orbit. There is no doubt that GST, Digital India and affordable housing have potential to shape-up the future of the country. With markets reaching new highs, we are seeing the positive effects of the government policies. We continue to maintain positive outlook on the Indian markets,” said Vaibhav Agrawal (Head of Research and ARQ), Angel Broking, in another research report.