Sensex up 873 pts at 53,823; Nifty near 16,150;investors got richer by Rs 2.4 trillion
Published On: Tuesday, August 3, 2021 | By: Team KnowMyStock
Benchmark indices today (3rd August 2021) recorded their sharpest intra-day gains since May 21 as better-than-expected June quarter performance by India Inc restored investor confidence in faster-than-expected economic recovery. Amid a steep rally, investors got richer by Rs 2.37 trillion, BSE data showed. The BSE barometer of 30-shares zoomed 937 points in the intra-day deals and hit a record high level of 53,888 on the BSE, led by Titan Company (up 4 percent), HDFC, IndusInd Bank, Sun Pharma, SBI, and Nestle India. It pared gains marginally and ended at 53,823 levels, up 873 points or 1.65 percent. The broader Nifty50, meanwhile, hit a new peak of 16,147 on the NSE. It ended with 246 points, or 1.55 percent, gains at 16,131 levels. A long bull candle was formed on the daily chart that indicates a sharp upside breakout of the two months' sideways range of around 15960 levels. This is a positive indication and signals more upside in the near term.
Nifty on the weekly chart has started to show a decisive upside breakout of the larger range at 16K mark. The formation of long lower shadow in the last three weeks hinted an early indication of upside breakout of the sideways range.
The short term trend of Nifty seems to have turned up sharply. The much awaited upside breakout of broader high low range at 15960 could signal more upside for the Nifty ahead. The next upside levels to be watched around 16300-16500 in the next 6-8 sessions. Important support is placed at 15960-16000 levels.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
