The Indian equity market closed with gains for the second consecutive trading session on May 26. The June series has started with a bang today. Nifty today touched a five-month high on the back of buying by heavyweight Reliance and across sectors. At the end of trading, the Sensex closed up 629.07 points or 1.02 per cent at 62501.69 and the Nifty closed up 178.10 points or 0.97 per cent at 18499.30. The market started on a positive note with good global cues. As the day progressed, the speed of the market also increased. Talking about this week’s market movements, Sensex and Nifty have seen 50 gains of 1.2 per cent and 1.6 per cent.
Reliance Industries, Sun Pharma, Divis Labs, HUL and Hindalco Industries were the top gainers on the Nifty. Whereas, ONGC, Grasim Industries, Bajaj Auto, Bharti Airtel and Power Grid Corp were the top Nifty losers. Today all the sectoral indices closed in the green. Metal, FMCG, IT, Realty, Pharma and PSU Bank have seen an increase of 1-1 per cent. Like the giants, buying was also seen in small-medium stocks. The BSE Midcap index gained 0.8 per cent and the Smallcap index gained 0.5 per cent.
How can the market move on May 29
Ajit Mishra of Religare Broking says that there was a boom in the market on Friday. The June series has started with a strong rally of around 1 per cent today. FMCG, IT and realty were the top gainers amid all-round buying in the market. As a result, Nifty closed at the day’s high of 18499.35. Along with the giants, small-medium stocks were also enthusiastic, due to which the Midcap index also created a new record.
The index trended positive today amid consolidation. With the recovery in the US markets, now the IT sector is also picking up steam. This gave good support to the market today. Apart from this, a strong boom in giants like Reliance has provided additional energy to the market. Since Nifty has decisively crossed 18400 level, we may soon see 18700 level as well. Keeping this in mind, traders should decide their positions.
Jatin Gedia of Share Khan says that the Nifty has finally seen an up move after coming out of the sideways consolidation range. This breakout looks likely to convert into a broad based rally. It is expected that now all sectors will be seen participating in this rally. Nifty can be seen going towards 18800 level in few trading sessions. The hourly momentum indicates a positive crossover. The daily momentum indicator is also on the verge of giving a positive crossover. In such a situation, both the price and momentum indicators are showing signs of continuation of the uptrend. In such a situation, we can see Nifty going towards 18800 in the short term.
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Prashant Tapase of Mehta Equities says that Nifty has maintained a good lead with a positive trend. Now Nifty is facing important resistance at its all-time high of 18888. Whereas, there is support at 18203 on the downside.
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