After a lackluster move in the previous session, the market registered a smart rally on September 23 with benchmark indices hitting fresh record high levels on the back of positive global cues and broad-based buying.
Benchmark indices, Sensex and Nifty, touched a fresh record high levels of 59,957.25 and 17,843.90, respectively, intraday.
At close, the Sensex was up 958.03 points or 1.63% at 59,885.36, and the Nifty was up 276.30 points or 1.57% at 17,823.
"The market witnessed some positive movements after the market was able to sustain the Nifty 50 Index level of 17,500. Market research shows sustaining above 17,850, the market expected to gain momentum, leading to an upside projection till 18,000 level," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
"The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook," he added.
Bajaj Finserv, Hindalco Industries, Tata Motors, Larsen and Toubro and Coal India were among major gainers on the Nifty, while losers included HDFC Life, Dr Reddy’s Labs, Nestle India, ITC and Tata Consumer Products.
Among broader market, BSE midcap and smallcap indices rose 1 percent each.
All the sectoral indices ended in the green with IT, metal, infra, PSU bank and energy indices up 1 percent each.
Stocks & sectors
On the BSE, on the sectoral front, realty index gained nearly 9 percent, while IT, metal, bank, capital goods, oil & gas indices rose 1 percent each.
Among individual stocks, a volume spike of more than 300 percent was seen in Dixon Technologies, Trent and Grasim Industries.
Long buildup was seen in Dixon Technologies, Grasim Industries and Godrej Properties, while short buildup was seen in Astral, Colgate Palmolive and SAIL.
More than 200 stocks, including L&T, NDTV, ONGC, Zee Entertainment, hit a 52-week high on the BSE.
Technical View
The Nifty formed a bullish candle on daily scale and is forming higher highs - higher lows on daily scale.
"Now it has to continue to hold above 17,777 zones, for an up move towards 18,000 zones, whereas support is placed at 17,600 and 17,500 zones," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
Outlook for September 24
Rohit Singre, Senior Technical Analyst at LKP Securities.
Index witnessed a decisive breakout and closed a day at 17,823 with good gains of one & a half percent forming a bullish candle on the daily chart. The index has witnessed a range breakout which hints if current levels are held then we may witness next quick move towards 18k mark.
Immediate supports for Nifty is shifted to 17,770-17,700 zone and any dip near mentioned supports zone will be again buying opportunity with keeping immediate stop out level below 17,700 zone and if said levels are held we may see the index to march towards 17,900-18,000 zone, which is immediate hurdle zone on the higher side.
Santosh Meena, Head of Research, Swastika Investmart:
It will be important to see global markets' behavior from here and if they remain calm then our market may continue its outperformance where 18,000 & 60,000 are the psychological hurdle for Nifty and Sensex respectively, however, if global markets start to fall once again then we can expect profit booking in our market as well.
Mohit Nigam, Head - PMS at Hem Securities:
Indian benchmark indices extended the early gains and hit record high levels with Sensex closing at 59,885(+1.63%) and Nifty at 17,823(+1.57%). Indian market is continuing positive trend from global markets after the US Federal reserve hinted that it may begin easing its support measures for the economy later this year.
On the technical front, market is witnessing a continuous positive trend and it has sustained well above 17,700-750 levels and we believe this up move will extend till 18,000 level in the short term. On the downside 17,600 is the immediate support in Nifty 50 followed by 17,400.
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