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Wednesday, May 29, 2024

Sensex hits 48,000 for the first time ever

The Indian equity indices hit fresh highs on Monday with the BSE Sensex touching the 48,000-mark for the first time. It has touched an all-time high of 48,168.22 points. Similarly, the Nifty50 on the National Stock Exchange touched a high of 14,114.15 points.

Hopes on the vaccine front, along with improved auto sales and GST collection data supported the market sentiments on Monday.

Around 10.10 a.m., Sensex was trading at 48,096.55, higher by 227.57 points or 0.48 per cent from its previous close of 47,868.98. The Nifty50 on the NSE was trading at 14,094.25, higher by 75.75 points or 0.54 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “We were successful in claiming the 14,000 mark but closed below it. There might be a psychological resistance at this level.”

“However, the trend remains bullish and we should be headed higher to 14,100-14,150 sooner than later. The current support is at 13,500-13,600 and since the risk reward is skewed at this juncture, a buy on dips strategy is advised with strict trailing stops.”

(The story has been published via a syndicated feed.)

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