Markets close on high note; Nifty heading towards lifetime high

Chennai:  The two Indian stock markets ended on a high note on Monday with experts predicting the Nifty of NSE is progressing towards a lifetime high.

The Nifty opened the week on a high note at 18,619.15 points after closing previously at 18,499.35 points.

During the day, the Nifty touched a high of 18,641.20 and a low of 18,581.25 and closed at 18,598.65

“The Nifty held on to steady gains to end higher on May 29. At close, the Nifty was up 0.54 per cent or 99.3 points at 18,598.7. Volumes did not expand even as the Nifty kept surging higher,” Deepak Jasani, Head of Retail Research, HDFC Securities said.

Jasani said global markets mostly rose after US President Joe Biden and Congressional leaders reached a tentative deal to raise the debt ceiling over the weekend.

The bill is expected to be voted on later this week. Trading volumes were light, with the US, UK and several European markets closed today for holidays.

According to Jasani, 18,696 is the next resistance for Nifty, while 18,508 could be a support.

In a report, ICICI Securities said the stage is set for Nifty to challenge an all-time high in the coming month.

“Going ahead, we expect the index to resolve out of the intermediate hurdle of 18,500 and challenge a lifetime high of 18,900 in the coming month. Meanwhile, we do not foresee the Nifty breaching the key support threshold of 17,800. In the process, we expect broader markets to accelerate upward momentum fuelled by the 18 month’s consolidation breakout in the Midcap index,” ICICI Securities added.

According to ICICI Securities, the inflows from foreign institutional investors (FII) have remained sturdy in May (Rs 25,000 crore so far), which is a key supporting factor for the acceleration of the structural uptrend ahead.

Similarly, the Sensex of BSE opened at 62,801.54 (previous close 62,501.69) which was also the low point. The Sensex touched a high of 63,026.00 and closed at 62,846.38 points, an increase of 344.69 points.


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