The Nifty 50 crossed 22,000 for the first time on Monday, led by gains in banks and information technology stocks in opening trade today.
It took Nifty 50 index 26 sessions to cover 1,000 points from Dec. 8, when it first hit 21,000, compared with 61 sessions it took to reach from 20,000 to 21,000. The index surged to a lifetime high of 22,076.25 points in early trading.
Meanwhile, the BSE Sensex crossed the 73,000 mark for the first time today. The Sensex took just 14 sessions to achieve the milestone.
"Nifty was trading in a consolidation manner in the last couple of weeks, with major resistance seen around 21,800 levels," said Gaurav Bissa, vice president of InCred Equities. "The index has now opened above the coveted 22,000 levels, and as long as it holds 21,850 levels, the trend will remain strong. The index has also given a rising channel pattern breakout, which can push it towards 22,300–22,500 levels."
The current breakout indicates an uptrend towards the 22,200–22,400 level within the coming weeks, according to Omkar P, technical and derivatives analyst at Ashika Stock Broking.
He recommends buying on dips as long as the index sustains above 21,600, with IT, consumer durables, and pharma stocks expected to do well. "After the current rally, IT stocks might see a temporary cool-off but will eventually continue the positive momentum," he said.
Top Gainers And Laggards
Shares of Tata Consumer Products Ltd., Wipro Ltd., Bajaj Auto Ltd., Adani Ports and Special Economic Zone Ltd., and Hero MotoCorp Ltd. contributed the most to this 1,000-point rally.
Broader Markets
In the last 26 sessions, broader market indices including Nifty SmallCap 100 and Nifty MidCap 100, have outperformed the 50-stock benchmark.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
