Indian market made a fresh record high by closing up by 0.3 per cent due to positive global cues based on optimism of the faster economic recovery.
Analysts say any aggressive fresh buying should definitely be avoided at current levels.
BSE Sensex and Nifty 50 started the week on a positive note and scaled fresh-highs. BSE Sensex ended at fresh record high of 46,253.46, up 154.45 points or 0.34 per cent. During the day, Sensex scaled a new all-time high of 46,373.34, while Nifty touched 13,597.50 levels. While the broader Nifty 50 gained 44.30 points or 0.33 per cent to settle at 13,558.15. Broader markets outperformed the headline indices in today’s session. S&P BSE Midcap index gained 0.79 per cent or 137.57 points to end at 17,659, while the S&P BSE SmallCap index settled at 17,683, up 130 points or 0.74 per cent. Burger King India shares made stock market debut today and ended over 130 per cent higher from the issue price of Rs 59-60 apiece.
“Market is continuing its bull run with a sustained interest in PSU banks and small & mid-cap stocks. Industrial output data, shows a growth in consumer durables production surpassing the pre-covid level and strong pickup in electricity and manufacturing sectors. The domestic market is expected to gain its momentum from the global market, due to an eventful week ahead with Britain & EU moving for a no-deal Brexit and the US markets awaiting the outcome of the Fed meeting”
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“We have closed within the resistance range of 13400-13700. Until we do not get past 13700 or break 13400 we will not witness any meaningful trading move. Since the bias is on the upside, falls or corrections can be utilised to accumulate long positions. 13350-13400 is good support for the Nifty.”
“Indian market made a fresh record high by closing up by 0.3% due to positive global cues based on optimism of the faster economic recovery due to positive development on the vaccines front. Buying interest was higher in midcap and smallcap stocks, Nifty Midcap 100 and Nifty smallcap 100 closed up by 0.7% and 0.8% respectively. Market is making new highs as all the sectors are participating in the rally due to ample liquidity in the Indian market, due to higher participation by FII. Global cues were positive: Dow Futures, Nasdaq Futures and FTSE were up by 0.7%, 0.4% and 0.3% respectively. We believe the sharp rally which the market has experienced in the last few months is behind us. Going forward, the market will move based on new news flow around economic recovery and development on the vaccine front.”