[9/28, 8:20 AM] Dinoy: The bulls are roaring, helping the benchmark indices to hit historic highs and maintain the uptrend for the fifth consecutive week as of September 24.
The BSE Sensex decisively surpassed the 60,000 mark and the Nifty 50 drew closer to 18,000. However, a similar momentum was absent in the broader markets, as the BSE MidCap Index gained 0.59 percent and the SmallCap Index rose 0.06 percent.
[9/28, 8:22 AM] Dinoy: Both the benchmark indices closed at a record. The BSE Sensex jumped 1,032.58 points, or 1.75 percent, to 60,048.47 during the week and the Nifty 50 climbed 268.05 points, or 1.52 percent, to 17,853.20.
Given the significant rally over the past one month, experts suggest that investors book timely profits and avoid aggressive buying. According to them, the next resistance on the Nifty 50 is expected at 18,000, with support at 17,600.
“Our markets had a remarkable comeback in the last four sessions as we not only managed to recover from lows but also went on to clock fresh highs,” said Sameet Chavan, chief analyst – technical and derivatives, at Angel Broking. “We have clearly outperformed global peers because despite a relief move in last two days, they are still trading well below their highs.”