For the first time ever, BSE Sensex kisses 50,000 mark, touches new lifetime highs
BSE Sensex has crossed the psychological 50000 mark today, for the first time ever. BSE Sensex got a boost from strong overnight cues from Wall Street and Asian markets today.
BSE Sensex has crossed the psychological 50000 mark today, for the first time ever. BSE Sensex got a boost from strong overnight cues from Wall Street and Asian markets today. Risk assets worldwide have reacted quite positively post Joe Biden's inauguration as the US President. Meanwhile, Nifty also hit a record high today, extending its advance for a third straight session.
Sensex and Nifty at all-time Highs
Sensex and Nifty at all-time Highs
Both Nifty and Sensex have surpassed their prior week's high of 14653 and 49795, respectively. This in turn has negated the Spinning Top candles that formed on the weekly charts last week. With global risk appetite quite positive, index heavyweight sectors such as banking and IT showing strength, and the largest component Reliance Industries resuming its rally after several weeks of consolidation, Indian markets look set to extend gains further in the short-term.
NSE Nifty
NSE Nifty
For Nifty, the immediate upside is now at 15000; while for Bank Nifty, the corresponding upside is at 51500. Immediate support is now placed at 14650 for Nifty and 49700 for Sensex.
Nifty Recovery
Nifty Recovery
The Nifty continued with the recovery on January 20 and in terms of magnitude, it has fully recovered from the recent decline. The index went on to cross the recent high of 14653 on an intraday basis, but couldn’t close in the higher territory.
Nifty Outlook
Nifty Outlook
Sharekhan highlights that they need to wait for further confirmation to consider it as a start of fresh move up. A close above the high is needed to confirm the start of the next leg on the upside, which will take the Nifty to 15000. Until we get a close above the high, there can be a brief consolidation in the short term.
Bullish on Nifty?
Bullish on Nifty?
On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 14208 and 13790, respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 14471 and 14487, respectively. The hourly momentum indicator is bullish. The market breadth was positive with 1010 advances and 885 declines on the National Stock Exchange