Nifty ended at a fresh closing high of 17519 with gains of nearly one percent and formed a bullish candle on the daily chart.
Investors embarked on across-the-board buying as risk appetite improved after the US inflation numbers soothed concerns over rising prices. The market now seems to be anticipating a prolonged low-rate regime by the US Federal Reserve.
Union Cabinet announced a four-year moratorium for on the payment of the Aggregated Gross Revenue (AGR) dues by telecom companies.
Cabinet also cleared a Rs 26058crore production-linked incentive scheme for the auto and drone sectors.
Government’s announcement for the telecom and auto sectors further boosted sentiment.
It seems the index has given a bullish flag breakout on the daily chart, which is considered to be a bullish continuation pattern.
One can expect more upside if 17367/17254 level are held… On the higher side, the immediate hurdle is at 15654/15724. Any dip near the mentioned support zone can be again a fresh buying opportunity.
After the 17450 range breakout, the Nifty succeeded to close above 17500, which indicates that the uptrend can continue to 17575.
Above this level, the index could rally up to 17654, whereas trading below 17450 may trigger a quick intraday correction to 17400/17350 level.
Sector Wise :- Midcap and Smallcap indices also hit their fresh record highs in intraday trade. BSE Telecom, IT, power, utilities indices logged healthy gains.