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Extending gains into the fourth consecutive session, frontline indices the Sensex and the Nifty 50 ended at their fresh closing highs on Monday, March 4. The market lacks fresh triggers at this juncture which is keeping it in a range. The robust economic growth and political stability after the General Elections 2024, are already discounted.
Nifty 50 today opened at 22,403.50 against the previous close of 22,378.40 and touched its fresh all-time high of 22,440.90 during the session. The index finally closed at 22,405.60, up 27 points, or 0.12 per cent with 25 stocks in the green and an equal number in the red. The market traded in a rangebound manner due to weak global cues, while investors turned stock-specific due to the prevailing caution on broader indices.
As observed the daily charts, the Nifty has been inching higher, holding on to the gains. This consolidation should be considered as a healthy sign and in case the Nifty dips in the process of retesting the breakout (22,300 – 22,250) it should be considered as a buying opportunity.
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