Connect with us

Hi, what are you looking for?

Share Market

Sensex, Nifty end at record closing highs for 2nd straight session; Nifty to hit 16,000 soon

Financial Express - Business News, Stock Market News

Sensex, Nifty, stock marketAfter a volatile session index closed a day at 15809 with minimal gains and formed a hanging man sort of candle pattern on the daily chart, said an analyst.
Image: Reuters

A brisk buying in index heavyweights such as Reliance Industries Ltd (RIL), Infosys, Bajaj Finance, lifted Sensex 615 points from day’s low on Monday. The 30-share index gained 76 points to end at 52,551, a record high closing. Similarly, the Nifty 50 index gained 205 points from day’s low and settled above 15,800 for the first time ever, at 15,811.85. The broader market underperformed the equity benchmarks. S&P BSE MidCap index finished trade at 22,771.49, down 157 points or 0.68 per cent, while S&P BSE SmallCap index ended 41 points or 0.16 per cent down at 25,075.42. India VIX, the volatility index, gained 3.95 per cent to end at 14.66 levels, the lowest level since February 2020.

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

The Nifty has respected the 15700 level on a closing basis. Despite the crack in the first hours of trade, it has managed to claw back its losses and has closed well above the lows of the day. 15900-16000 continues to remain the next target for the index and as long as 15700 holds, traders have no reason to be concerned. A buy on dips is a prudent strategy to adopt at these levels of the market.

Rohit Singre, Senior Technical Analyst at LKP Securities

After a volatile session index closed a day at 15809 with minimal gains and formed a hanging man sort of candle pattern on the daily chart. strong strength has been seen in nifty from lower levels which suggest bulls managed to grab the opportunity from lower levels going forward immediate base is coming near 15750-15650 zone again any dip near said levels will be buying opportunity for the overall targets of 16k mark, the immediate hurdle is coming near 15900-16000 mark said levels will be profit booking levels on the higher side.

Vinod Nair, Head of Research at Geojit Financial Services

Though the domestic market opened on a negative note due to lack of positive cues, it recovered in the afternoon, led by heavyweights following positive global markets. WPI inflation for May rose to 12.94% reflecting a higher price of fuel and manufactured products along with a lower base. Fed policy meeting to be held on June 15-16 is expected to dominate investor behaviour in the coming days. Though the Fed is expected to keep its rates unchanged, the key focus of the market will be on its comment on inflation.

Binod Modi, Head Strategy at Reliance Securities

Domestic equities witnessed U-turn today after witnessing a steep gap-down opening. A sharp recovery in PSU banks, IT, FMCG and Reliance Industries supported market rebound. Indian equities remained buoyant in last couple of weeks aided by withdrawal of business curbs by states and improved prospects of economic recovery. Further, the government’s plan to expedite development programs to push economic activities and pickup in business activities are expected to result in sharp improvement in high-frequency key economic indicators from the current month onwards. Sharp growth in IIP data for April indicates strong 1QFY22 earnings performance but pick-up in consumption is much needed to sustain improvement in coming months.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Technology

Cybercriminals Adopt the Blockchain to Broadcast confidential Messages A group of analysts from SophosLabs represents that programmers working the crypto-jacking malware, Glupteba, have been...

Technology

PUBG unban in India soon as PUBG Corp. Will The Government Of India Unban PUBG? PUBG Mobile was Ban in India, PUBG organization has...

Technology

A standard method to execute Bitcoin could be powerless against double-spending, the new examination has found. Blockchain sleuths at ZenGo, a wallet startup, have...

BlockChain News

HDD mining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk memory. Compared with traditional POW mining, hard...