The five-day rally in the domestic stock market ended today. There was a tremendous surge in the market on the last trading day of the year and it closed with a huge gain. The BSE Sensex closed 545.52 points (0.64%) higher at 85,220.60, while the NSE Nifty 50 index closed 190.75 points (0.74%) higher at 26,129.60. It is worth noting that at one point today the Sensex had risen by more than 700 points to reach 85,437.17 points, and the Nifty 50 had also reached an intraday high of 26,187.95 points.
44 out of 50 companies of Nifty 50 closed with gains.
On Wednesday, 24 out of 30 Sensex companies closed in the green, while the remaining 6 closed in the red. Similarly, today 44 out of 50 companies of Nifty 50 closed with gains, while the remaining 6 closed with losses. Among Sensex companies, Tata Steel shares closed with the biggest gain of 2.30 per cent for the third consecutive day, while TCS shares closed with the biggest loss of 1.12 per cent.
What are the reasons for the sharp rise?
– Shopping to increase NAV on the last day of the year
– Weak traders’ positions were liquidated at yesterday’s expiry
– Positions lightened for January series
– FIIs’ futures long positions stand at only 8.8%
What are the upper targets in recovery?
– Upper range for Nifty during recovery is 26175-26225
– Upper range for Bank Nifty is 59900-60100
– Bank Nifty set to make new all-time high
– If Bank Nifty closes above 59800 then a strong rally is expected
– If Nifty closes above 26235 there will be a good rally