Market records a new all-time high
Sensex reached a historic 76,000 milestone. Though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth
image for illustrative purpose
Mumbai, May 28: Sensex reached a historic 76,000 milestone. Though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth.
“For trading, CMP with targets at 49,600/50,000. Bullish stocks include Maruti, Bank of Baroda, and HDFC AMC, with a specific buy recommendation for HDFC AMC at CMP 3913, targeting 4,051/4,203,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Profit booking was seen at higher levels in benchmark indices on Monday, while Sensex closing 20 points lower. Among sectors, the PSU Bank index was the top gainer, rising 1.33 per cent, while intraday profit-booking was seen in select energy and metal stocks.
“After a slow start, the market recorded a new all-time high of 76009.68 However, it declined sharply due to profit-booking at higher levels. After a promising uptrend rally, the index has formed a bearish candle on the daily chart indicating temporary weakness,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
Technically, 75000-74500 would act as key support levels while 75750-75800 could act as a key resistance zone for day traders. The ideal strategy would be to buy and keep a stop loss on a closing basis.
