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Sensex, Nifty salute NDA announcement of Modi 3.0, rallies 378 and 105 points

06 Jun-2024 11:56 AM

By: FirstIndia

Mumbai: The stock market opened on a positive note on Thursday, buoyed by NDA unanimously announcing PM Narendra Modi's third term, to take oath as prime minister on Saturday.
The Sensex surged by 378.59 points, opening at 74,804.68, while the Nifty rose by 105.65 points, starting the day at 22,726.00.
Among the Nifty companies, 29 advanced while 21 declined. Leading the pack of gainers were NTPC, SBI, ONGC, Coal India, and Power Grid.
On the other hand, Britannia, Hindustan Unilever, Cipla, Hindalco, and Nestle India were among the top losers.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the market's technical performance, noting the early sell-off followed by a sharp rebound.
"Technically, after a sell-off early in the day, Nifty and Sensex found support near 21,700/21,800 levels and rebounded sharply, which is a positive sign. The market rallied 880/2600 points from the day's lowest point. Moreover, it also reclaimed the levels of 22,500/74,000 or the 50-day SMA (Simple Moving Average), which is also positive," he said.
Chouhan further explained the market's current state as undergoing an extended pullback following Tuesday's steep decline.
He said, "This pullback could extend up to 22,800 to 22,950 levels. Our broader strategy recommendation is to reduce long positions between these levels. If the Nifty stays above 23,000, we could see some short covering in the market. On the downside, support levels exist at 22,400 and 22,300. A close below 22,300 would likely extend the consolidation range, possibly up to 22,000 or 21,800."
The outlook for the Bank-Nifty index was also discussed. Chouhan stated, "For the Bank-Nifty, it is also in an extended pullback mode, which could push the index to 49,500 or 49,800 levels. There is support at 48,500 levels, and a close below that may push the index to 48,000 again."
Overall, the market's strong opening reflects investor confidence in the wake of the BJP's electoral victory, with technical indicators suggesting potential for further gains while highlighting key support and resistance levels for traders to watch.

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