Market sentiment is high and bullish trends seem to be making a comeback. On Wednesday, Nifty opened 139 points higher at 25,834, while Sensex opened 367 points higher at 84,238. Nifty remained at the level of 25,800 in early trading. Except FMCG and metal indices, all the sectoral indices are currently trading in gains. CPI (Retail Inflation) data for the month of October is also coming today. After the Red Fort blast, an important cabinet meeting is to be held on securities. The results of major companies like Asian Paints, Tata Steel, Ashok Leyland, IRCTC and HAL will also be declared today.
It is noteworthy that on the day of weekly closing, Nifty had increased by 120 points and closed at 25,694. SGX Nifty is up over 150 points, indicating a gap-up opening for the market today. Based on technical condition, Nifty closed above 20-day DEMA level 25600, indicating strength. A new uptrend can be seen after crossing the level of 25800. Immediate support of Nifty is in the range of 25500, and now it will move towards 26000-26100.
There are many reasons for the rise in the market. Exit polls are indicating formation of NDA government in Bihar. US markets closed at all-time highs on optimism about the shutdown. The selling pressure of foreign institutional investors (FIIs) has reduced and the buying pressure of domestic institutional investors (DIIs) continues. Second quarter results are going well. Moreover, the dollar index weakened below 99.50 for the fifth consecutive day. Gold and silver have reached their highest level in three weeks. Crude oil is trading near $65, its highest level in a week, while natural gas prices are at a five-year high.