Markets end at record closing highs for fourth straight session - HDFC Securities

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

Nifty rose for the sixth consecutive session and hit a new fresh life high of 19434. Today Nifty added 0.34% or 66 points to its upward rally to close at 19389. Broader markets were little weak and declining shares outnumbered the advancing shares where advance decline ratio stood at 0.88 on BSE.

Bajaj Finance contributed the most to the index gains and had the largest move, increasing 7.2% in today's session.

Nifty Midcap 100 and Nifty Small cap 100 Index underperformed the Nifty where midcap Index fell by 0.2% while Smallcap gained 0.25% respectively.

Nse Cash market volumes were higher as compared to last ten day average. Amongst the sectoral Indices, Nifty PSU Banks, IT and Media gained the most while OIL/GAS and Auto fell the most.

Nifty ended the session with "Hanging Man" candlestick pattern which signals short term reversal if the low of the candle is breached. The level below 19300 could confirm the short term bearish trend reversal in Nifty. Bank Nifty ended the session with "Long Legged Doji" on the daily chart and the bearish implication of the same would be activated once the index breaks below 45000 in spot. As far as resistance is concerned, 19500 should continue to remain hurdle in the short term.

Source : Equity Bulls

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MarketPerformance HDFCSecurities Nifty Sensex