The market scaled record highs during the session Wednesday and closed almost a percent higher led by buying across the sectors. The Sensex closed at a record high of 60737, as it rose 488 points and the Nifty index surged 169 points to end at 18161. Both the benchmarks clocked record highs in the session, with Sensex hitting 60,800 for the first time. The broader markets closed mixed as mid-caps surged over 1.5 percent higher but small-caps closed flat. On the back of SGX nifty, the Index opened on a positive note and showed an upside rally and made a new life-time high at 18197 level and closed the session at 18161 level with a gain of 169 levels. While Bank Nifty closed the session at 38635 levels with a gain of 114 points.
On
the technical front, the Index has given a breakout of the rising trend line as
well as given a close above the same, which points out buyers are active. A
daily momentum indicator Stochastic and MACD both have shown positive crossover
on the daily chart which adds more bullishness to the price. The ADX
indicator is reading at 38 with +DI trading above – DI, which points out strength
in the counter. Furthermore, the price has also moved above the upper
“Bollinger Band” formation, which suggests the bullish movement will continue
further in the near term. At present, the Index has been trading at uncharted
territory with immediate support at 18100 level while sustained above the same
can show 18250-18350 levels.
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Resistance: 18200, 18300, 18400
Support: 18100, 18000, 17900
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