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Bulls Steer the Way: Nifty Hits Record Highs, Dominating the D-Street

The stock market began on a positive note, showing a bullish trend with indices maintaining an upward momentum.

Editor Ritam English by Editor Ritam English
Dec 6, 2023, 04:36 pm IST
Bulls Steer the Way: Nifty Hits Record Highs, Dominating the D-Street

Bulls Steer the Way: Nifty Hits Record Highs, Dominating the D-Street

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The stock market began on a positive note, showing a bullish trend with indices maintaining an upward momentum. Bulls are in control, and despite potential challenges, the Nifty continues to display strong momentum.

The Sensex opened 294.06 points higher at 69,584.29, and the Nifty opened with a gain of 78.95 points at 20,934.65. Among Nifty companies, 33 experienced advances, while 17 faced declines.

In the Nifty firm, companies like LTIMindtree, Wipro, UPL, Tech Mahindra, and ITC emerged as top gainers, indicating strength in specific sectors. On the flip side, Bajaj Auto, Eicher Motors, ICICI Bank, Hindalco, and Hero Motocorp faced declines during the early market hours.

Varun Aggarwal, founder of Profit Idea, mentioned that despite challenges, the bulls are in control, expecting the Nifty to reach levels between 21,234 and 21,410 in the medium term. However, he advised caution in the short term, anticipating resistance around the 21,000 mark and a potential retracement. Aggarwal suggested using risk-defined strategies, like trailing stop loss or portfolio hedging.

Nifty has been displaying a robust bull momentum, often likened to a “bullet train,” achieving lifetime highs with Nifty futures trading above 21,000. The spot index reached a high of 20,958.65.

Analysts hold a positive outlook in sectors such as petrochemical, IT, FMCG, media, metals, and banking. The momentum shift is expected to benefit investors, and despite the market rally, many small and mid-cap stocks are available at discounted prices.

Aggarwal emphasized staying invested in sectors like petrochemical, IT, FMCG, Media, Metals, and Banking, considering India as a hotspot for investment. He advised against getting swayed by the index value, suggesting caution due to the overbought condition of the RSI on the daily time frame. Investors and traders are recommended to use strategies like trailing stop loss or hedging to manage risks.

India continues to attract significant foreign and domestic investments, making it a hotspot for financial inflows. Despite the ongoing rally, the market presents a golden opportunity, especially in sectors showing positive momentum.

Analysts expect the influx of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) to persist. Investors are reminded to stay vigilant and capitalize on the favorable investment climate.

Tags: Business newsNiftyCycloneCyclone newsD-StreetForeign Institutional InvestorsDomestic Institutional Investors (Varun Aggarwal
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