Nifty Auto in top gear, registers highest single-day gain since May 18; Reliance Industries at new high!
Interestingly, the majority of the sectors are seen trading in green with Nifty Auto and Nifty Realty leading from the front.
Market update at 01:15 PM: Nifty has recovered almost 80 points from the day’s low and it is seen trading with modest gains of 0.18 per cent. Interestingly, the majority of the sectors are seen trading in green with Nifty Auto and Nifty Realty leading from the front. Nifty Auto has gained nearly 3 per cent, which is the highest single-day gain registered by Nifty Auto since May 18, 2021.
The index behemoth Reliance Industries is seen trading at the record high levels as it has jumped more than 1.5 per cent on NSE. On an MTD basis, the stock has gained more than 11 per cent.
Market Update at 09:45 AM: Indian markets kicked off the week on a buoyant note with Nifty and Sensex advancing by 0.35 per cent & 0.44 per cent, respectively. The market breadth fairly stands titled in the favour of the advances as 30 stocks of Nifty 50 index were trading in green.
Among the sectoral indices, Nifty Realty, Nifty Auto, and Bank Nifty were the top gainers. Interestingly, Bank Nifty has hit a fresh all-time high and it is seen outperforming the headline indices today. While on the other hand, Nifty Pharma and Nifty IT were the top losers.
Nifty closed higher for the fifth straight week after gaining 1.52 per cent on a weekly basis. With this, it recorded the longest winning streak in the year on a weekly basis. Sensex ended the week above its important psychological level of 60,000 while Nifty ended above the 17,850 mark.
On the sectoral front, Nifty Realty and Media emerged as the top gainers with 21.2 per cent & 11.7 per cent, respectively. PSU Bank & metal indices declined by 4.4 per cent and 3.3 per cent, respectively. The pharma index also went down by 0.5 per cent.
On the weekly timeframe, Nifty formed a strong bullish candle, carrying higher high & higher low candles. Even though the market seems in an overextended and overbought condition, the benchmark index is resilient to decline. The market is scaling to new heights because of the perfect sector rotation as well as stock rotation. It has also outperformed the global benchmark indices.
Now, on the upside, the level of 18,055 should be the target. One should look at the upside as it is the 161.8 per cent Fibonacci extension level. Meanwhile, on the downside, the 20-DMA, which stands at 17,375, is an important level to watch out for.
Overall, the index trajectory continues to look bullish, and buying on dips should be the appropriate strategy for the traders.