Ultimately today nifty crossed All Time High, touched 18614....🤞After a long wait and many ups and downs, flagship benchmark Nifty has formed a fresh peak, thanks to massive buying from domestic as well as foreign investors in recent months, as the Indian economy continues to show resilience. Nifty took 13 months to create new high. As of now, 18500 considered to be a strong support while @ 19000, there is a huge call writing in December series.
Today both Sensex and Nifty ended at a record-high close. Sensex gained 182.21 points to end at 62,475.85. Nifty closed at 18,553.60 after touching a lifetime high of 18,613.20. All the ingredients are there for the Indian market to grow.
The major reason for this is the declining trend in crude oil prices. Crude oil, which is used as raw materials in several industries, including chemical and paints, is down 37 percent from this year's high in March. India is entering a big capex cycle, which would provide a leg-up to the overall economy.
Overall domestic markets are moving from strength to strength amid global macro concerns and we believe that Indian markets can continue to outperform global indices backed by strong corporate earnings and healthy demand. Currently IT, Auto and banking sector look well poised to us.
On the technical front, immediate support and resistance in Nifty are 18,450 and 18,650 respectively. Immediate support and resistance in Bank Nifty are 42,500 and 43,350 respectively.
Trend is buoyant and further up move is possible.
18650-750 could be next stop.
Cheers Before Christmas 🍺