Apart from pharma and auto sector, positive business was seen in all sectors
Mumbai, May 28 (IANS)| India’s leading benchmark equity index NSE Nifty 50 touched new record highs as fresh Covid cases dipped, raising hopes of an unlockable soon. Accordingly, global cues and quick pace of economic recovery have opened both the Nifty 50 and S&P BSE Sensex indices higher. During the trading session, except pharma and auto, all sectors traded positively in green, with media and metal sectors showing the most strength.
At 1.15 pm, the Nifty 50 of the National Stock Exchange (NSE) ended the trading session at 15,431.80, up 93.95 points or 0.61 per cent from its previous close. Earlier Nifty 50 touched a record high of 15,455.55. Similarly, the S&P BSE Sensex closed at 51,414.45, up 299.23 points or 0.59 per cent from its previous close. Jai Purohit, Technical and Derivatives Analyst, MoFSL, said in a statement, “Nifty is currently showing decent strength and market sentiment has welcomed the index to remain on higher territory. Buying can be seen on the downside. Going forward, resistance can be seen around 15600 zone, while support is placed at 15250 and then 15100 level.
That said, taking into account the overall chart structure, traders are advised to trade with a positive bias and use downside as a buying opportunity. Traders can look for buying opportunities across counters like Hero Moto, Lalpath Labs and Trent. According to Likita Chepa from Capital Via Global Research, “After favorable global cues, the market started off well in the opening session on Friday. We saw overall participation from various sectors, which helped the market sustain early gains. The overall market structure remains positive. As investors are optimistic about the reopening of the economy in June, which will help restart commercial activity. “In addition, investors are looking forward to today’s meeting of the Goods and Services Tax Council, in which the commission may discuss the shortfall in compensation,” he said.