Nifty clocks record closing high for third straight session; set to hit 15,900 soon

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May 31, 2021 4:35 PM

Nifty rose for the seventh consecutive session reaching and closing at fresh record highs. It has closed the month of May with a 6.5% gain

Nifty, stock marketFresh breakouts, fresh highs and fresh closing seen in today’s session as index managed to closed a day at 15575 with gains of nearly one per cent. Image: Reuters

BSE Sensex and Nifty 50 ended higher on Monday, led by a healthy buying in index heavyweights such as RIL, ICICI Bank, Bharti Airtel and HDFC Bank. The 30-share Sensex surged to an over 3-month high and ended at 51,937. During intraday, the index zoomed 590 points and hit a high of 52,013. Nifty 50 clocked a record peak of 15,606 in the intra-day session. It, however, pared some gains and settled at 15,582.80. Market breadth was positive as 1,744 stocks advanced while 1,492 declined. A total of 191 shares remained unchanged. The broader market was also positive. S&P BSE Midcap index gained 0.45 per cent or 96 points to end at 21,758, while S&P BSE Smallcap index ended at 23,474, up 0.5 per cent or 117 points.

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices continued their uptrend on May 31 with Nifty hitting fresh record high ahead of the Q4 GDP data due for release this evening. Nifty opened lower and made an intra day low at 0930 Hrs. From there, it started to rise making higher tops higher bottoms and ended the day almost at the intra day high. At close, the Nifty was up 147.10 points or 0.95% at 15582.80. Nifty rose for the seventh consecutive session reaching and closing at fresh record highs. It has closed the month of May with a 6.5% gain almost matching the February gains. The contribution to this rise was broad-based on May 31. Overall advance decline ratio was also mildly positive. 15635 is the next resistance for the Nifty while 15470 is the support.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We have successfully achieved the 15600 target and the index is all set to approach its next target of 15900. There could be a pause or bouts of profit booking in the interim but that should be utilized to accumulate long positions for higher targets. As long as the market closes above the 15300 level, the trend remains bullish and opportunities to buy on corrections should be maximized.

Rohit Singre, Senior Technical Analyst at LKP Securities

Fresh breakouts, fresh highs and fresh closing seen in today’s session as index managed to closed a day at 15575 with gains of nearly one per cent and formed a bullish candle on daily chart. Index decisively closed above 15500 zone which strength the overall structure now any dip will be again buying opportunity as long as we are sustaining above 15500 zone which is immediate and strong support on the downside followed by 15400 zone, immediate hurdle 15600-15700 zone fresh move can be possible if managed to trade above 15600 on the immediate basis.

S Ranganathan, Head of Research at LKP Securities

With European markets closing at record highs, we had a strong opening today and the Bulls stepped up the accelerator during trade led by the Oil & Gas sector as heavyweight Reliance stole the show helping Indices notch up a percentage gain. Corporate Profits to GDP ratio at a decade high last fiscal lent steam to the rally. The broader markets exhibited buoyancy with segments like NBFC’s, Metal Stocks & Pathology Labs witnessing investor interest.

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