India’s Nifty stock index touches new all-time high of 19851 points

iNDICA NEWS BUREAU–

Indian benchmark indices continued the winning run for the fifth consecutive session on July 19, amid buying across sectors, said Vikram Kasat, Head Advisory, Prabhudas Lilladher.

At close, the Sensex was up 302.30 points, or 0.45 per cent, at 67,097.44, and the Nifty was up 83.90 points, or 0.42 per cent, at 19,833.20. The market opened on a positive note and tested fresh record highs but failed to hold on to the gains and witnessed profit booking. However, last hour buying helped it to close near the day’s high level, he said.

Devarsh Vakil, Deputy Head – Retail Research, HDFC Securities, said Nifty continued its upward journey for the fifth day in the row to close at fresh all-time high levels.

At close, Nifty was up by 84 points or 0.42 per cent to end the day at 19,833 levels. Bank Nifty outperformed the Nifty where it gained by 0.57 per cent to close at all-time high levels, he said.

Smaller stocks outperformed the larger brethen in Wednesday’s session. Nifty Mid and small cap outperformed the Nifty with advance decline ratio on BSE ended at 1.41:1, he said.

Vinod Nair, Head of Research at Geojit Financial Services, said despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs.

Although there was some initial profit booking on Wednesday, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation, he added.

After witnessing high volatility at the highs on Tuesday, Nifty witnessed choppy movement for mid part and sharp upsurge in the later part of Wednesday and closed the day higher by 83 points, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After opening with a positive note, the market moved up further soon after the opening. The new all time high was registered at 19851 and the market slipped into weakness from the new highs. A sharp upside recovery has emerged in the mid to later part of the session and Nifty closed at the highs, Shetti said.

This market action indicates stiff resistance zone for the Nifty at 19850 levels. Minor negative patterns are not getting confirmed at the highs/hurdles and there is an absence of any reasonable downward corrections from the resistances, he said.

The underlying uptrend of Nifty remains intact. Nifty is expected to move above the hurdle of 19800-19850 levels in the short term. The immediate upside target to be watched around historical 20K mark. Immediate support is placed at 19700 levels, he said.

Vinod Nair, Head of Research at Geojit Financial Services said despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs.

Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation, he added.

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