Nifty formed a bearish candle on daily chart but a bullish candle on weekly chart and continues to form higher highs higher lows from the last eight week.
Market continued the record run with Sensex crossing 60000 mark for the first time on the back of positive cues.
Benchmark indices, Sensex and Nifty, touched a fresh record high level of 60333 and 17947, respectively, intraday.
Weak global market did not affect the upside momentum of the domestic market to hit record highs boosted by realty and IT stocks. India is seizing a sweet spot in the global equity market with the increase in domestic investors. However, profit-booking was noticeable in mid & small-cap stocks, which were under pressure and it can continue in the short-term. Realty stocks continued to outperform other sectors owing to an increase in property registrations, and cut in stamp duty (Karnataka) and home loan rates.
Trading was mostly range-bound with a positive bias but the highlight of the trade was Sensex breaching the psychological 60000 mark. Benchmark Nifty has formed a robust higher high and higher low formation which is broadly positive. The important point is the index successfully cleared the resistance of 17800 and is comfortably trading above the same.
Nifty closed a week at 17853 zone with gains of one & half percent on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its support zone to 17750/17650, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17650 zone & if said level are held we may see the index march towards 18k mark, resistance is still placed around 17900/18000 zone where traders can lock some of their long gains.
We have observed the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Markets have sustained above 17850 level and Expect this momentum to continue which may lead to 18000 level in near term and 17650 may act as immediate support in Nifty.
Overall believe that market trajectory continues to be positive and any significant dip should be utilized to invest in quality stocks for good returns.
Market witnessed some volatile movements after Nifty was able to breach the level of 17850. shows sustaining above 17850, Expect the market to gain momentum, leading to an upside projection till 18000 level.
Except, IT, Auto and Realty all other sectoral indices ended in the red with Metal, FMCG, PSU Bank and Power indices down 1/2 percent.