NSE Nifty 50, BSE Sensex and Bank Nifty made new all-time highs today amid positive domestic market sentiment. The NSE Nifty 50’s new 52-week high is 19,991.85, just 9 points away from the 20,000 mark. The 30-share Sensex fresh record high is 67,619.17 and Bank Nifty’s all-time high is set at 46,256.20. ITC, Dr Reddy’s Laboratories, Reliance Industries Ltd (RIL), Kotak Bank, ICICI Bank and Sun Pharma pushed the major indices to record highs on Thursday.
Financials, FMCG & Healthcare stocks fired up Nifty, Sensex today
“Financials, FMCG & Healthcare fired up benchmark indices today which closed just shy of the magical 20k on the Nifty. FII’s have pulled off a 700-point rally in the Nifty since the 3rd of this month at the start of the earnings season for the first quarter,” said S Ranganathan, Head of Research at LKP securities.
Investors might book profit if Nifty fails to surpass 20,000
“Nifty 50 remains above the critical moving average, indicating a positive trend. Furthermore, the RSI shows a bullish crossover, suggesting potential market strength. In the short term, the index is expected to stay positive. However, if it fails to surpass the 20,000 level, investors might engage in profit-taking. There is a support level of 19,800, which could attract buying interest during potential pullbacks,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty support at 45500; resistance at 46400-46500
“Bank Nifty successfully surpassed the key resistance level of 46000, indicating a continuation of the upward momentum. The index is characterized by a series of “higher high and higher low formations,” which is a bullish pattern that confirms the strength of the uptrend. The support level for the index is at 45500, and as long as this level remains intact on a closing basis, the overall trend remains bullish. On the upside, the next immediate hurdle is placed at the 46400-46500 zone,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.