The bullish momentum is likely to continue
Today, the benchmark indices hit record highs. After a spectacular rally, while Sensex was up 2630 points. All major sectoral indices were trading in the positive zone, with the PSU Bank index outperforming, gaining over 8%
image for illustrative purpose
Mumbai, June 4: Today, the benchmark indices hit record highs. After a spectacular rally, while Sensex was up 2630 points. All major sectoral indices were trading in the positive zone, with the PSU Bank index outperforming, gaining over 8%.
“Technically, the market opened throughout the day and is currently trading comfortably after a sharp price surge, which is largely positive As long as the index is trading, the bullish momentum is likely to continue,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the higher side, the index may rise. On the other hand, the index might correct back. The strategy should be to take partial profit on long positions.
The Market surged yesterday, fuelled by strong exit poll results predicting a decisive victory for the BJP-led NDA and positive economic indicators like an 8.2% GDP growth in FY24, an 'above normal' monsoon forecast, a 10% rise in GST collections, and falling oil prices.
“Today, with Lok Sabha election results pending, markets are keenly watching for a potential historic third term for PM Narendra Modi and whether the NDA will exceed 400 seats,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
A favourable outcome could drive towards the while the level remains crucial support. Key stocks to watch include HDFC AMC, SUZLON, and DLF, with SUZLON recommended for long-term accumulation.
