Nifty breaches 20K for first time

MD & CEO, HDFC Securities Dhiraj Relli said that Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post July 2023.

New Delhi: Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post July 2023, said Dhiraj Relli, MD & CEO, HDFC Securities. Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said.

Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky. Small-cap and Mid-cap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised, he added.

Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time, says Rupak De, Senior Technical analyst at LKP Securities. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.

On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark, he said. (IANS)