Indian stock market started June series on a strong note with Nifty creating history by registering intraday life-time high on Friday and also ended the day on all-time high. Nifty and Sensex gained 97.80 or 0.64% and 307.66 points or 0.60 % to give a closing of 15,435.65 and 51,422.88 respectively.
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Explaining what this new high means, Zee Business Managing Editor Anil Singhvi said Indian stock market created history and touched record levels. “Stock market started the day on a very strong note and Nifty touched its life-time high levels. However, range-bound trading was seen later in the day. Last one and half-an-hour also saw good action in the market, which helped Nifty closing at historic levels for the first time. Though Bank Nifty is still far from its life-time high, however, it managed to close above 35,000-mark second day in the row. Blue chip shares again led the rally today. Reliance Industries Limited (RIL) also helped take market to new heights, while mid cap and small cap stocks saw profit booking from upper levels. Despite, FIIs keeping their positions long on index, the markets kept its strength,” said the Market Guru.
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Strong global markets, declining corona cases, not much problem in terms of flows helped market create history on Friday, said Singhvi. “Broadly, market is technically strong,” he said.
Talking about levels that investors should keep in mind on Monday, Zee Business Managing Editor said the levels appeared to be shifting on upper side. ” 15,275 to 15,325 will act as support for Nifty. On the upper side, Nifty may try to breach 15,500 and attempt 15,600. Bank Nifty is also showing strength after consecutive two days closing above 35,000. For Bank Nifty, 34,500 to 34, 700 will be strong support, while it will attempt 35, 500 and 35,800. As long as Bank Nifty trades above 34,400, there is nothing to worry as a far as weakness in banking index is concerned,” he said.
The Market Guru said one should not worry about minor correction and profit booking in small cap and mid cap stocks. “There will be sector rotation in these shares too. However, there are many mid cap and small cap shares which still have huge potential,” he concluded.