Nifty clocks record closing high for third straight session; set to hit 15,900 soon

Contemporary breakouts, contemporary highs and contemporary closing seen in right this moment’s session as index managed to closed a day at 15575 with positive factors of almost one per cent. Picture: Reuters

BSE Sensex and Nifty 50 ended greater on Monday, led by a wholesome shopping for in index heavyweights comparable to RIL, ICICI Bank, Bharti Airtel and HDFC Bank. The 30-share Sensex surged to an over 3-month excessive and ended at 51,937. Throughout intraday, the index zoomed 590 factors and hit a excessive of 52,013. Nifty 50 clocked a file peak of 15,606 within the intra-day session. It, nonetheless, pared some positive factors and settled at 15,582.80. Market breadth was optimistic as 1,744 shares superior whereas 1,492 declined. A complete of 191 shares remained unchanged. The broader market was additionally optimistic. S&P BSE Midcap index gained 0.45 per cent or 96 factors to finish at 21,758, whereas S&P BSE Smallcap index ended at 23,474, up 0.5 per cent or 117 factors.

Deepak Jasani, Head of Retail Analysis, HDFC Securities

Indian benchmark fairness indices continued their uptrend on Might 31 with Nifty hitting contemporary file excessive forward of the This fall GDP information due for launch this night. Nifty opened decrease and made an intra day low at 0930 Hrs. From there, it began to rise making greater tops greater bottoms and ended the day nearly on the intra day excessive. At shut, the Nifty was up 147.10 factors or 0.95% at 15582.80. Nifty rose for the seventh consecutive session reaching and shutting at contemporary file highs. It has closed the month of Might with a 6.5% acquire nearly matching the February positive factors. The contribution to this rise was broad-based on Might 31. General advance decline ratio was additionally mildly optimistic. 15635 is the subsequent resistance for the Nifty whereas 15470 is the help.

Manish Hathiramani, proprietary index dealer and technical analyst, Deen Dayal Investments

We have now efficiently achieved the 15600 goal and the index is all set to method its subsequent goal of 15900. There may very well be a pause or bouts of revenue reserving within the interim however that needs to be utilized to build up lengthy positions for greater targets. So long as the market closes above the 15300 stage, the pattern stays bullish and alternatives to purchase on corrections needs to be maximized.

Rohit Singre, Senior Technical Analyst at LKP Securities

Contemporary breakouts, contemporary highs and contemporary closing seen in right this moment’s session as index managed to closed a day at 15575 with positive factors of almost one per cent and fashioned a bullish candle on day by day chart. Index decisively closed above 15500 zone which energy the general construction now any dip might be once more shopping for alternative so long as we’re sustaining above 15500 zone which is instant and powerful help on the draw back adopted by 15400 zone, instant hurdle 15600-15700 zone contemporary transfer will be potential if managed to commerce above 15600 on the instant foundation.

S Ranganathan, Head of Analysis at LKP Securities

With European markets closing at file highs, we had a powerful opening right this moment and the Bulls stepped up the accelerator throughout commerce led by the Oil & Gasoline sector as heavyweight Reliance stole the present serving to Indices notch up a share acquire. Company Income to GDP ratio at a decade excessive final fiscal lent steam to the rally. The broader markets exhibited buoyancy with segments like NBFC’s, Metallic Shares & Pathology Labs witnessing investor curiosity.