Indian Market Hits Record Highs as Sensex and Nifty Rally

Indian Market Hits Record Highs as Sensex and Nifty Rally

Indian market closed in the green for the 5th day in a row to hit fresh record highs tracking positive global cues and the ruling party’s win in state election results. The S&P BSE Sensex rallied over 1,300 points while the Nifty50 closed with gains of over 400 points to close at 20,686. Sectorally, buying was seen in oil & gas, banks, public sector, power and capital goods stocks. “The rally was on expected lines as the ruling party’s strong performance in state elections gave confidence to investors that culminated into a massive upsurge with key benchmarks scaling record highs,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. “India’s strong growth prospects going ahead along with moderating inflation and return of foreign investors should augur well for domestic markets in the runup to the Union Budget in February,” he said. Stocks that were in focus include names like HPCL which was up 9%, Adani Power which hit a fresh record high, and Cyient which was up more than 9% to hit a fresh high on Monday. We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout. Analyst Ankit Choudhary provides a technical analysis and trading strategy for each of these stocks.

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TIS Staff

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