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There is a storm in the share market. The share market has set a new record for the second week in a row. This week, the Nifty recorded an increase of 2.3 percent and closed at 21456 points. Sensex closed at 71483 points. An increase of 2.3 percent in the midcap index and 2.4 percent in the smallcap index has been recorded. Investor wealth increased by Rs 8.65 lakh crore this week and BSE's total market cap reached Rs 357.87 lakh crore.
What was the state of the global market?
The market also got full support from the global market. The American Federal Reserve has indicated to cut the interest rates in the year 2024, due to which the American market is witnessing a boom. The Dow Jones gained 2.8 percent this week, the Nasdaq gained 2.5 percent. Germany's DAX remained flat in the European market. France's CAC strengthened by 0.7 percent. In the Asian market, Japan's Nikkei rose 2.1 percent and Korea's Kospi rose 1.8 percent. Brent crude rose 1 percent to close at $76.50. Gold closed at 2020 dollars per ounce.
Support on 21250-21200
SBI Securities has said in its report that Nifty is witnessing a rise on a weekly basis. Overbought is dominating, but momentum is holding due to sector rotation. The Nifty IT index is currently bullish. 21250-21200 level is important for Nifty and will act as support. In the short term, the first resistance remains at 21700 and the second resistance at 21850.
Immediate resistance at 21492
Dwarsh Vakil, deputy head of retail research at HDFC Securities, said the Nifty gained for the seventh consecutive week. PSU Bank Index continues to rise for 11 days. Midcap and smallcap indices are also at new all-time highs. In the short term, Nifty's support remains at 21355 and 21210. Subhash Gangadharan, technical analyst at the brokerage, said there is resistance at 21492 on an immediate basis. Important support remains at 21319-21235.
Adequate liquidity in the market will support the rally
Siddharth Khemka, head of retail research at Motilal Oswal, said that IT, PSU. Buying is seen in banks, metals. Due to the Federal Reserve's dovish outlook, the dollar index and bond yields are under pressure and global markets are bullish. Heavy buying by FIIs is going on. Macro economic data is strong. The liquidity driven rally is expected to continue in the near term.
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