Momentum is expected to continue in Friday's trading as well. Nifty can also touch the level of 18000. (PTI)
On Thursday, there was a spectacular rise in the domestic stock market. Sensex and Nifty broke all their records. Sensex touched the level of 59957 for the first time.
Nifty also reached the level of 17844 for the first time. Experts say that the momentum created in the market can continue even today, if nothing bad happens in the global markets.
The market is expected to get a boost due to the boom in the realty sector. If Nifty breaks the level of 18900 then it will touch the level of 18000 very soon.
Let us tell you that yesterday the closing of the market was also at a record high. The Sensex gained 958 points and closed at the level of 59,885. While Nifty strengthened by 276 points and closed at the level of 17823.
Rahul Sharma, co-founder of Equity99, says that there has been a great rally in the market on Thursday. Sensex strengthened by more than 950 points, while Nifty also went to record high.
There was tremendous buying in the realty sector and the Nifty Realty Index rose 8 per cent. Financial Services and Commodity Index have also seen strength.
Nifty Bank gained 2.24 per cent. RBL Bank was the top performing bank. Midcap index rose by 447 points. Bajaj Finance was the top performer in Nifty 50.
Hindalco and Tata Motors were also top gainers, while HDFC Life, Dr. Reddys Labs and Nestle top losers.
Nifty may touch 18000 level
Rahul Sharma says that the momentum is expected to continue in Friday's business as well. Nifty can also touch the level of 18000. Nifty is expected to get a boost from the realty sector.
A resistance is seen for Nifty near 17850, after which there will be resistance at the level of 17900. If this level is broken then 18000 level is possible.
On the downside, Nifty has strong support at 17750 and 17710- 17700 levels. On the other hand, if we talk about Bank Nifty, then the level of 37880 is an immediate hurdle.
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After which the level of 38000 will be the next resistance level. On the downside, there will be support for Bank Nifty at 37700-37600 and after that at the level of 37475.
Santosh Meena, Research Head, Swastika Investmart, says that from here it will be important to see what kind of action is there in the global markets.
If all goes well in the global markets, then Nifty and Sensex will move towards the level of 18000 and 60 thousand from here. But if there is a fall in the global markets, then there will be a sell-off in the domestic market as well.
These sectors will remain in focus:
Santosh Meena says that the growth momentum in the real estate sector will give a boost to Nifty. Growth in this sector will also have an impact on those sectors to which it is connected.
He says that the market has shown great momentum on Thursday and it is at all-time high. Any fall from here will create opportunities for buying.
The Indian market has its positive factors such as unlocking, strong growth in the real estate sector, better monsoon, good impact of government reforms and investor confidence.
Rahul Sharma says realty stocks are in focus. At the same time, banks, fertilizers and media sectors are also going to be in focus in the boom of the market.
Evergrande crisis in China is showing signs of ending, due to which realty stocks are seeing a rise.