The day was eventful for the stock market, which began the day a little shakily but ended up in positive territory. The Nifty finished at 19,140, up 101.60 points, while the Sensex gained 394.71 points, closing at 64,177.51. Of the Nifty companies, twenty-nine saw decreases and 29 saw advances. BPCL, Ultra Cement, ONGC, Reliance, and SBI Life were notable Nifty firms that saw the biggest gains. On the other hand, Axis Bank, UPL, Eicher Motors, Tata Motors, and Maruti suffered losses. Profit Idea’s founder and managing director, Varun Aggarwal, stated: “Nifty opened lower but found support at 18940 and rallied admirably to close at the highest point of the day.
Cheerful day for investors and finally some green back to back closing. Indian market remains bullish for medium to long term. But short term resistances are crucial. As short term trend remains down, nifty is expected to face crucial resistance at 19343-19463 on upside. Strong call writing by bears around 19300-19500 levels. Traders should be cautious and trade with risk defined strategies”.
The Nifty, which started in the red, found support at 18,940 and made a remarkable recovery to close at the day’s highest point. Investors celebrated a day of gains, marking back-to-back green closings.
The Indian market continues to display a bullish trend for the medium to long term. However, short-term resistances are pivotal.