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In the early trade on Wednesday, Sensex jumped 303.25 points to fresh peak of 69,599.39 and Nifty rose by 100.05 points to hit record high of 20,955.15.
Nifty is currently at 20,933.15, up by 78.05 points or 0.37 per cent at 9:43 am; while BSE Sensex is at 69,586.27, up by 290.13 points or 0.40 per cent at 9:46 am.
Analysts of Prabhudas Lilladher stated that Nifty continue to surge ahead, making new record high crossing the 20850 zone with trend maintained strong powered by frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL which can further pull the index to new heights. “The index has gained significantly almost 11 per cent in the current swing and has further upside potential with 21000 level visible in the coming days. The support for the day is seen at 20700 while the resistance is seen at 21000,” analysts added.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Even though the undertone is bullish, the market is likely to consolidate in the near-term since up moves will be countered with profit booking by DIIs and individual investors who are sitting on big profits. Dips will be bought by FIIs who have emerged as sustained buyers. The continuous decline in U.S. bond yields ( the 10-year yield is now below 4.20 per cent) will ensure FII buying.
Anand James, Chief Market Strategist at Geojit Financial Services, added, “As expected, VIX is on the rise, but it is at a level that has allowed dips to be bought while retaining the upside trajectory, thereby taking us within touching distance of the 20885 objective discussed yesterday. Directional moving indicators call for a pause though, prompting us to expect a sideways move or a turn lower, and until then, expect upsides to be limited to 20970-21130-21220. Alternatively, expect 20800 to ease initial dips, but slippage past the same should set an immediate objective of 20590/560.”
Stocks that gained on the NSE earlier on Wednesday were Adani Enterprises, Adani Ports, UPL, LTIMindtree, and Asian Paints. Major losers were Bajaj Auto, ICICI Bank, Eicher Motors, Hindalco, and Ultratech Cement.
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