Major stock indices ended Tuesday with decent gains, extending gains for the sixth trading session. The Sensex and the Nifty achieve record values. The Nifty closed above the 18,600 level. FMCG, metals and pharma stocks were in demand while real estate, auto and oil & gas stocks fell. According to preliminary closing data, the Sensex barometer index rose 177 points to 62681. The Nifty index rose 55 points to 18618. Both indices rose 2.5% in six sessions. The two benchmarks hit all-time intraday highs today at 18678 for the Nifty index and 62887 for Sensex. The ongoing domestic recovery is being supported by falling crude oil and commodity prices, which are boosting corporate earnings prospects. However, given the superior valuation, future medium-term performance is a cause for concern. Falling commodity costs, better GDP growth and lower inflation are helping to sustain the current outperformance. Global stocks were mostly higher on Tuesday as jitters eased over protests in China fueled by growing public anger over COVID-19 restrictions. The Hong Kong benchmark rose 5.2% and most other markets in Europe and Asia rose. US futures trended higher. Oil prices rose by more than $1 a barrel. As the winning streak continued and key benchmarks made new highs, investors acted with caution in a mildly volatile market. There are concerns over growing protests in China over the imposition of tough lockdowns, which markets fear could hurt an already slowing global economy. If the situation doesn't improve, it could impact the market. But with India in a slightly better position compared to other major economies, investors are willing to place big bets on us. Technically, the market is consistently showing higher highs and higher lows, which is broadly positive. Therefore, support has now shifted from 18600 to 18500. As long as the index trades above 18575 , the uptrend wave should continue. Above that, the market could rise to 18775-18850.
Resistance: 18750, 18850, 18950
Support: 18650, 18550, 18450
No comments:
Post a Comment