Benchmark indices NSE Nifty 50 and BSE Sensex made fresh all-time highs today with Nifty 50 jumping above the 19550 mark and 30-share Sensex above 66050. Analysts attribute today’s surge to positive global market sentiment and better-than-expected quarterly earnings from domestic companies. “Stocks like Infosys, TCS, HDFC Bank and Reliance Industries are the pillars supporting the markets. The fresh rally has come even as rising inflation remains a concern. Traders should maintain some caution while taking any fresh position, although the overall undertone is still bullish,” said Rakeshh Mehta, chairman at Mehta Equities Ltd. Now the Nifty 50’s new 52-week high is 19,567 and Sensex’s all-time high is 66,064.21. The top gainers on Nifty 50 were Hindalco, TCS, Infosys, LTIM and ICICI Bank while the losers were Power Grid, Coal India, UPL, NTPC and Maruti Suzuki.
Where are Nifty 50 and Sensex headed?
Nifty aims to reach 20K in near term
“Nifty’s technical landscape is now suggesting a desired consolidation with interweek support at 19171 mark. For index, the immediate hurdles are placed at 19577 mark and then at 20000 mark, while the 200 DMA is placed at 18017 mark. Overall Nifty aims to reach 20K in the near term,” said Rakeshh Mehta, chairman at Mehta Equities Ltd.
Sensex may jump to 67000-68000
“The Nifty index has successfully surpassed the resistance level of 19,500, while the Sensex has breached the level of 66,000. This positive development suggests that there is potential for further upward movement towards 19,770 and 20,000 in the Nifty, and 67,000 and 68,000 in the Sensex. In case of a market downturn, it is anticipated that the levels of 19,300 and 64,500 will act as support levels, providing a cushion for any potential decline,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.