Bhoomika Singh
Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post-July 2023, said Dhiraj Relli, MD & CEO, HDFC Securities. Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said.
Successful achievements recently in space and foreign diplomacy by India have boosted sentiments for Indian stocks generally in an era when the global situation is still shaky. Small-cap and Mid-cap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised, he added.
Reacting to the big breaking, Head Research of Technical and Derivatives at Angel One Ltd, Sameet Chavan said, “Nifty marks its new high and reaches the magical figure of 20000 on the back of broad-based buying in our domestic market. We have clearly outperformed our global peers by a fair margin and reaching this milestone on our own, displays the overall inherent strength. We continue to remain sanguine and expect the market to continue this northward move. However, one should avoid being complacent and adopt proper money management from here on.”
Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time, says Rupak De, Senior Technical analyst at LKP Securities. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.
Speaking on the same, CEO of Retail Broking and Distribution & Director, at Prabhudas Lilladher Pvt Ltd, Sandip Raichura stated, “20k on the Nifty may just be a number but its history, nevertheless. While we may keep talking about valuations and liquidity, the fact is that a lot is changing in India and maybe the markets are collectively seeing this golden decade ahead very differently from the cynics!”
On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark, he said.
On NIFTY crossing 20,000 mark, Suman Bannerjee, CIO, Hedonova, a US Based hedge fund feel that the consistent investments from FII, DIIs, and Indian retail investors have pushed Indian indices to reach historic highs.
“Regarding the recent factors contributing to the Indian stock market’s upward trend, it appears that the remarkable achievements of the G20 summit have also drawn the attention of global investors towards the Indian markets.” he said.
