Indian Markets Surge as Sensex and Nifty Approach New Highs

Post by : Bianca Suleiman

The Indian stock market is poised for an upward trajectory on Thursday, buoyed by an impressive global market rally that has boosted investor confidence. The key indices, Sensex and Nifty 50, are nearing their historical peaks, propelled by strong buying interest particularly in banking and major stocks.

Positive Signals from GIFT Nifty

In the offshore market, GIFT Nifty is currently trading at around 26,447, reflecting a premium of 66 points over the recent Nifty futures close. This bodes well for a robust opening in the domestic markets, showcasing trader optimism.

Sensex Approaches Record Levels

On Wednesday, the Sensex soared by 1,022.50 points (1.21%), closing at 85,609.51, signaling a strong buying wave. Analysts point out support levels at 85,000–85,300 and anticipate resistance around 86,000–86,200. A sustained advance past these boundaries might lead to new highs.

Nifty 50 Exhibits Bullish Trends

Similarly, Nifty 50 climbed 320.50 points (1.24%) to finish at 26,205.30, mirroring the bullish sentiment. Experts indicate the formation of a large bullish candle, hinting at the continuation of this rising trend. Resistance levels are identified at 26,270–26,300, with potential to reach 26,500 and higher. Support levels now range between 26,050–26,000, making dips potentially attractive for buyers.

Bank Nifty Approaches Milestone

The Bank Nifty index also experienced a significant rally, adding 707.75 points (1.20%) to close at 59,528.05. Should it remain above 59,400, it may soon reach the 60,000 mark. Traders are encouraged to adopt a buy-on-dips approach, with support levels noted between 59,000–58,841.

Market Sentiment Overview

In summary, market sentiments are cautiously optimistic. A sustained rise above crucial levels for Sensex and Nifty could usher in new record highs, while profit-taking at resistance points may lead to short-term corrections. Investors are closely monitoring both global and domestic indicators to determine the next phase of this rally.