Markets at fresh life highs - HDFC Securities

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

Nifty rose for the eight sessions on the trot with a gain of 0.51% to close at 19497. Today, Nifty broke out from the last two day's narrow consolidation and registered new all-time high at 19512. The broader market outperformed the headline indices. Advancing shares outnumbered the declining shares where advance decline ratio stood at 1.46 on BSE, highest since 16-June.

NSE Cash market volumes were higher as compared to last ten-day average. Amongst the sectoral Indices, Nifty Reality, OIL/GAS and Media gained the most while Nifty FMCG and IT ended in the red marginally.

Nifty's nearest moving average support is seen at 5 days EMA, placed at 19329. Bank Nifty is yet to surpass its recent swing high of 45655.50. However, it found support on its 5 days EMA today and turned north. Nifty is in to uncharted territory and it is advisable to hold long positions with trailing stop loss of 19329.

Source : Equity Bulls

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MarketPerformance Nifty Sensex HDFCSecurities