Nifty settled above 19300 mark for the first time - HDFC Securities

View on Market Performance - Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Nifty rose for the fifth consecutive session to hit a fresh life high of 19345. Nifty added another 0.73% to its tally to close at 19322 up 133 points or 0.7% higher. Bank Nifty too registered new life time high of 45353 in today's session. Breadth of the market was positive today with Advanced decline ratio of 6:5 in NSE. Nifty has surged by 3.5% in the past 5 sessions.

Reliance Industries Ltd. contributed the most to the index gain, increasing 2.6%. Grasim Industries Ltd. had the largest increase by rising 3.4%.

The Indian rupee advanced along with regional peers after the Fed's preferred inflation gauge eased last Friday.

Asian shares rose Monday as positive momentum from gains on Wall Street and signs of moderating US inflation extended this year's rally in global stocks.

PSU bank, Oil & gas and Financial services advanced while Pharma, Healthcare and IT stocks corrected. Support for the Nifty is shifted up to the nearest exponential moving average of 5 days, which is placed at 19076.

Source : Equity Bulls

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