Sensex, Nifty extend rally to end at record highs for 3rd straight session

By Koustav Das: Domestic stock markets ended with strong gains on Monday, as benchmark indices registered fresh record highs for the third consecutive trading session.

At closing, the S&P BSE Sensex was up over 522 points at 65,241, while the NSE Nifty 50 settled over 133 points higher at 19,300. Broader market indices also continued their dream run, as investor sentiments remain strong amid positive global cues.

Ameya Randiva, research analyst at Choice, said, “On Monday, the benchmark equity indices experienced a strong rally, with the BSE Sensex surpassing the 65,000 mark for the first time ever. This surge was driven by positive global market trends and increased foreign fund inflows. The Nifty index closed at 19,322.55, gaining 133.50 points, while the Bank Nifty closed at 45,158.10, recording a gain of 410.75 points.”

“The market opened with a gap up and witnessed consistent buying throughout the day, with investors seeing every dip as an opportunity to buy. Currently, the market is largely driven by bullish sentiment, and there has been significant retail participation at these elevated levels,” Randive said.

“Remarkably, the Nifty has been consistently achieving higher highs for 14 consecutive weeks. In order for this upward trend to continue, it is crucial for the Nifty to maintain levels above 19,250, which could pave the way for further advances towards 19,450 and 19,550 levels. On the downside, support is expected at 19,200 and 19,100 levels,” he added.

“Overall, the market has displayed strong performance driven by positive global cues and foreign investments. The consistent upward trajectory of the Nifty and the presence of retail investors at these levels indicate a bullish sentiment prevailing in the market.”

Among the top gainers in the Sensex pack were HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank.

On the other hand, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank were among the underperformers.

“Today, we have made a new all-time high in Sensex, Nifty and Nifty Midcaps too. Overall, the markets closed in positive bias,” said V.L.A Ambala, Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

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“Major support for Nifty at 19,270 and 19,200 and targets or resistance for longs side will be at 19,370, 19,430 and 19,520. Bank Nifty has major support at 45,040, 44,800 whereas major resistance levels are 45,350 and 45,500 for tomorrow,” she added.

“Sensex key levels for tomorrow will be, support at 65,030 and 64,820 whereas resistance levels are 65,320,65,500 and 65,750.”