MUMBAI: The stock markets opened on a positive note today and managed to maintain its upward momentum throughout the trading session. The Sensex closed 52.01 points higher at 67,519.00, while the Nifty ended the day 33.10 points up at 20,103.10.
In the Nifty index, 28 companies recorded advances, 21 registered declines and one remained unchanged, reflecting a mixed trading sentiment among investors.
Among the top gainers in the Nifty were UPL, Hindalco, M&M, ONGC, and Divi’s Lab, which witnessed strong upward movement. On the flip side, Asian Paints, HDFC Life, Coal India, Britannia, and LTI Mindtree were the top losers when the market closed.
Market analyst Varun Aggarwal, founder and managing director of Profit Idea, shared his insights on the market’s performance, stating, “Nifty has successfully reached the expected target of 20,160, a level we have been highlighting for the past few weeks”.
“The mid and small-cap segments are displaying robust momentum, with many stocks forming reversal patterns following a recent dip. The rally is expected to continue, especially considering the strong favorable ratio chart of Nifty compared to small and mid-cap stocks”, said Aggarwal
Aggarwal also pointed out that open interest (OI) data suggests some consolidation around these levels before the market resumes its upward movement. He recommended maintaining hedged positions with defined risk option strategies for the best risk management. Aggarwal said, “Open Interest (OI) data suggest some consolidation around these levels before market again starts moving up. Keeping hedged positions with defined risk option strategy is best”.
Looking ahead, sectors such as banks, IT, media and pharma stocks are expected to remain in focus and could potentially witness significant rallies in the coming days, providing ample opportunities for investors. Today’s positive market closure reflects the resilience of the Indian stock market, which continues to attract investors and traders, with expectations of further gains in the near future. (ANI)