Sensex closes above 60K mark, Nifty gains 119 points

Sensex closes above 60K mark, Nifty gains 119 points

After four months of positive global cues, the Sensex closed above the 60 K mark. Sensex climbed 418 points to 60,260 and Nifty gained 119 points to 17,944. On April 5, 2022, the 30 stock index hit the 60 K level. The index closed at 60,176 in the session. 23 of 30 Sensex stocks ended in the green. Consumer durables and IT stocks were the top sectoral gainers, with their BSE indices zooming 451 points and 315 points, respectively.

The market breadth was positive with 2,019 stocks ending higher against 1,405 stocks falling on the BSE, while 132 shares were unchanged. The market cap of BSE-listed firms rose to 279.79 lakh crore.

Here is a look at what analysts said about the direction the market is going to take today.

Markets are less than 4 per cent off their life time highs. Nifty is currently outperforming global markets due to its relentless rise. The current uptrend is mature and there is no sign of a reverse. On upmoves, 18,114 could act as a resistance, while 17,719 is a support. Nifty has made a strong recovery over the past few weeks. This move has pushed the markets out of the consolidative corrective phase it was in the past few months. Any corrections in the near term should be used for buying for the medium-term uptrend. An extended phase of consolidation is possible before the index moves towards the 18,600 mark. IT stocks are strong while Metals continue to consolidate. In select midcap stocks, the value is seen. Banks, industrials and autos are the leaders and continue to attract incremental flows. As Metals names have seen some short coverings, the weaker global growth impulses could be a headwind to any meaningful upward revisions of earnings estimates. It appears to be the most vulnerable in this environment due to its leverage on the US and EU growth. With the recent developments, the undertone is likely to remain in favor of the bulls, with significant traction seen outside the indices. It is advisable to keep identifying the apt themes and potential movers within the same, which are likely to provide better trading opportunities. It is advisable to keep a close watch on global developments. The market is consistently forming higher high and higher low series formation, indicating an upward trend in the near future. The daily charts of the Nifty support the uptrend and the bullish candle has been formed by the Nifty. A quick intraday correction isn't ruled out if the index falls below 17,850, and below that it could touch 17,700 -- 17,680 levels. On the flip side, above 17,850 the first upside target for the index would be 18,000 and on further upsurge it could move up to 18,175.