Sunday, June 16, 2024

Midcap index rising for last 21 sessions, hitting fresh highs since Nov 16

The Nifty Midcap 100 index has been rising for the last 21 trading sessions and has been hitting fresh all-time highs since November 16, said Nandish Shah, Deputy Vice President, Retail Research, HDFC Securities.

Nifty midcap and smallcap indices continued their upward journey where Nifty Midcap 100 and Smallcap 100 Index gained 1.10 per cent and 0.5 per cent, respectively, he said.

Nifty rose for the fourth session on the trot on Friday to close at an all-time high of 20,267.90, up by 135 points or 0.67 per cent, on back of pleasantly surprising GDP data, better than discounted state elections’ exit polls numbers for the ruling coalition at the Centre and strong global cues, said Nandish Shah, Deputy Vice President, Retail Research, HDFC Securities.

This was the fifth consecutive weekly gains for Nifty. The NSE cash market volumes were higher as compared to recent averages, Shah said.

All the sectoral indices closed in the green except Nifty Auto. Among them, Nifty Media, PSU Banks and FMCG were the major gainers.

The trend of Nifty remains bullish as it has now reached in an uncharted territory. Longs should be kept with the trailing stop loss of 20,000. Immediate resistance for the Nifty is seen at 20,400-20,500 levels, where calls have been written, Shah said.

The Dow Jones Industrial Average surged on Thursday to score its highest close since January 2022, while the S&P 500 and Nasdaq scored their best monthly gains since July 2022. All three major US stock benchmarks clinched their best month in at least a year, driven higher by falling US bond yields, optimism about easing inflation and potential Federal Reserve rate cuts next year.



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