Sensex, Nifty end at highest ever closing levels; can bulls extend rally further?

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Updated: June 07, 2021 4:15 PM

Sensex and Nifty ended at their highest ever closing levels on Monday as domestic markets surged ahead of Prime Minister Narendra Modi’s address to the nation.

Stock marketAmong the top gainers on Sensex were Power Grid up 4.4%, followed by NTPC, Ultratech Cement and Reliance Industries. (Image: REUTERS)

Sensex and Nifty ended at their highest ever closing levels on Monday as domestic markets surged ahead of Prime Minister Narendra Modi’s address to the nation. S&P BSE Sensex jumped 228 points higher and closed at 52,328 while the Nifty 50 index advanced 81.40 points to end at 15,751. Among the top gainers on Sensex were Power Grid up 4.4%, followed by NTPC, Ultratech Cement and Reliance Industries. Broader markets were mirroring the trend. Midcap and smallcap indices soared to outperform benchmark indices. India VIX was down 2.3%. Nifty Media Index was the top sectoral performer jumping 1.16%, followed by Nifty IT, up 1.11%. Bank Nifty advanced 0.43%.

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic equities extended its gains in today’s volatile session ahead of PM Modi’s address to the nation. Hopes of easing restrictions and Centre’s covid-19 vaccination policy pumped optimism into the market. Global markets were mixed with US futures trading in red ahead of the inflation data due this week and the tax deal between the G7 advanced economies. Barring metal and pharma, all major sectoral indices belled the day in positive terrain with energy, utilities and power stocks leading the rally.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The Nifty continues to rally up and seems to be heading to its next target which is 16000. It has good support at 15500-15600 and as long as that is not disrespected on a closing basis, the trend continues to remain bullish and traders can accumulate long positions for higher targets.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Again index closed on fresh highs at 15,752 with gains of half a per cent and formed a small bullish candle on the daily chart. On the daily chart, index reached its overbought territory which needs to cool off for a fresh move. The index has formed immediate support at 15,680-15,600 zone holding above said levels immediate structure positive so any dip around said levels will be again buying opportunity for the immediate targets & resistance zone of 15,800. Fresh breakouts only if index closes above 15,800 zone.”

Mohit Nigam, Head, PMS – Hem Securities –

Benchmark Indices closed on a positive note with Sensex closing at 52,328.51 and Nifty 50 closing at 15,751.70, both the indices at record closing highs. Strong buying is witnessed in Utility, Media, Power and IT stocks whereas selling is seen in some of the financial and pharma stocks. Adani Ports and Power Grid Corp were the top gainers while Bajaj Finance and Bajaj Finserv were the top losers in Nifty 50 today. Sustaining above 15,700 levels is positive for Nifty 50 which opens the gate for 16,000 in Nifty 50. Immediate resistance levels for Nifty 50 are 15,850 and 16,000 while key support levels for Nifty 50 are 15,500 and 15,300.”

Manish Shah, Founder, Niftytriggers –

“Nifty had a bit of volatile movement as the index dipped to 15,680 and moved higher for the day. It was a good start for the bulls after the market closed on a strong note the previous week.  The weekly R1 pivot is placed at 15,810 and above that, the next R2 pivot is at 15,960. A break above 15,810 and expect the market to move higher towards 15,960-16,000. Nifty continues to move higher with regular but small increments. This sort of slow uptrend is a character of a market in a strong trend. Nifty is in a strong momentum as the ADX curves up and MACD is in a buy mode. This is a combination of a sustained uptrend in the index. Slow creeping uptrends can last a fair bit of time and markets can remain elevated for a long time. Niifty rally could continue for some time and the preferred trades should be on the long side of the market.”

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